Sharia mutual fund's asset under management grow 374.11%

Irvin Avriano A.

for Bisnis Indonesia

Sharia mutual fund's asset under management grow 374.11%

Sharia mutual fund's asset under management booked the biggest growth compared with other types of mutual funds over the past year, for 374.11%, due to the growth of investments return. The growth booked from IDR774.22 billion in the end of 2008 to IDR3,67 trillion last year.

Based on Bapepam-LK data released last weekend, the growth of sharia mutual funds accompanies the growth of funds managed by mutual fund industry for 52.54%.

President Director of PT Batavia Prosperindo Aset Manajemen Lilis Setiadi said funds under management from their sharia products is enhanced by the growth of investment return. That, she said, is caused by the main factor of skyrocketing stock prices from mining and energy sectors.

This, she said, exemplified by the company's sharia mutual fund, Si Dana Saham Syariah, which recorded a growth of funds under management soared due to return over the past year.

She explained that mutual fund returns have the largest growth mutual funds compared to another company's open ended fund.

"Almost all of company's stock fund record return over 100% during 2009, but the greatest of all is sharia fund, which also raises its funds," Lilis said to the press today.

According to her, the Islamic mutual funds use Jakarta Islamic Index (JII) as a reference for investment can be said have two advantages. Both are the increase of increasing composite stock price index (JCI/indeks harga saham gabungan) and the large weight of mining sector.

Head of Marketing PT Danareksa Investment Management Diah Sofiyanti said the company's fund, Danareksa Syariah Berimbang and Danareksa Indeks Syariah, was also grow because the investment return, significantly.

“The main factor is there is no banking sector in the sharia index that reduce the risk from fluctuative bank rates and that demand better financial condition [than usual index], with request of higher DER [debt to equity ratio].”

The growth of sharia fund asset under management was followed by growth of index-mutual-fund which booked at 187.37% and growth of money market fund about 128.81%. The growth of mutual fund unit booked at 14.76%.