Kuala Lumpur, 20 February 2024 - Hong Leong Asset Management Bhd’s (“Hong Leong AM” or “Company”) first Islamic Private Retirement Scheme (“PRS”) – Hong Leong PRS - Islamic is now available through Hong Leong AM offices and agency forces nationwide. The Hong Leong PRS – Islamic marks Hong Leong AM’s second PRS and will be managed by the appointed external fund manager - Hong Leong Islamic Asset Management Sdn Bhd (“Hong Leong Islamic AM”).
It is projected that by 2056, over 20% of the population in Malaysia will be aged 65 and above, reflecting the reality that we are a nation with high life expectancy. This phenomenon will bring a new set of challenges in areas such as employment, aged care and income security, and with cost of living continuing to increase, reports have shown that most retirees fully utilise their mandatory scheme savings within 5 years of retirement. This means that relying on the mandatory scheme savings alone may not be sufficient once active income has stopped.
Recognising the importance of building a secure financial safety net to achieve a sustainable retirement, Hong Leong AM is consistently focused and committed in helping investors get the most out of their retirement by providing quality funds and professional fund management services. Therefore, with the introduction of the Company’s 2nd PRS – the Hong Leong PRS - Islamic, Hong Leong AM is pleased to offer a new option for investors to consider when exploring additional opportunities to supplement their mandatory scheme savings. Additionally, the PRS’s lock-in period is particularly beneficial in helping investors who are determined to grow their savings stay disciplined and invested for the long run. For young investors, this is an added advantage, where they will reap compounded benefits over the years.
The Hong Leong PRS – Islamic is a voluntary scheme which aims to facilitate the potential accumulation of savings for PRS members’ retirement needs by offering a range of retirement funds for PRS members to choose from depending on their retirement needs, risk appetite and age. The three (3) core funds under the Hong Leong PRS – Islamic are: Hong Leong PRS Islamic Growth Fund, Hong Leong PRS Islamic Moderate Fund and Hong Leong PRS Islamic Conservative Fund (“Funds”). The Funds will invest in a basket of Islamic collective investment schemes consisting of Shariah-compliant equity, Shariah-compliant equity-related Islamic collective investment schemes, Islamic money market collective investment schemes, sukuk, and/or balanced Islamic collective investment schemes.
The minimum initial subscription amount of the Hong Leong PRS – Islamic is RM100 while the minimum additional subscription amount is RM50. Valid until 2025, PRS members who invest in PRS will be eligible to claim tax relief for PRS investment amounts up to RM3,000.
Disclaimer:
This press release has not been reviewed by the Securities Commission Malaysia.
Before investing, investors are advised to read and understand the contents of the following:
- Hong Leong Private Retirement Scheme – Islamic (“Hong Leong PRS - Islamic”) Disclosure Document (“DD”) dated 6 December 2023 and the Product Highlight Sheet (“PHS”).
A copy of the DD and PHS for the Hong Leong PRS - Islamic can be obtained from any of Hong Leong Asset Management Bhd’s offices or authorised distributors and investors have the right to request for it. Investors are advised to consider the fees and charges involved before investing. Prices of units and distributions payable, if any, may go down or up and past performance is not a guarantee of future performance. Investors are advised to be aware of the risks associated with each fund before investing. The Hong Leong PRS – Islamic may not be suitable for all and if in doubt, investors should seek independent professional advice.