[yusli]

PUBLIC Mutual Bhd will launch its first China Islamic fund called Public China Ittikal Fund (PCIF) today, which invests in the stock markets of China, Hong Kong and Taiwan.

“In the past five years, the equity markets in Greater China have enjoyed a sustained uptrend amid the rebound in global economies and strong investor demand,” Public Mutual chairman Tan Sri Dr Teh Hong Piow said in a statement yesterday.

“China has emerged as a major growth engine for this region, apart from the US, with real gross domestic product (GDP) growth sustained at a robust pace averaging 9.2 per cent per year,” he added.

Teh said the Chinese economy is projected to grow steadily at 11.2 per cent for 2007 and 10.6 per cent for 2008, supported by resilient domestic consumption, investment and exports.

“Driven by strong domestic demand and robust tourist arrivals, Hong Kong’s GDP growth is set to expand at above five per cent for 2007 and 2008.

“Meanwhile, GDP growth for Taiwan is projected at above four per cent for 2007 and 2008 amid resilient investment spending and global demand for electronic products,” he said.

PCIF is an Islamic equity fund that seeks to achieve capital growth over the medium- to long-term period.

It will invest at least 70 per cent of its net asset value (NAV) in syariah-compliant investments in the Greater China region and the balance in the domestic market.

The fund will invest between 75 per cent and 90 per cent of its NAV in stocks.

The issue price of PCIF is at RM0.25 per unit during the 21-day initial offer period of November 20 to December 10 2007. The minimum initial investment for the fund is RM1,000 and the minimum additional investment is RM100.