Changes in the sharia-based mutual fund industry are quite important in the last few days. However, it does not mean that investment managers do not encounter problems when managing the mutual fund products.
Director of Panin Asset Management Rudiyanto said, the lack of determining portfolio assets turned out to be an obstacle for each investment manager while managing sharia mutual fund products. Because, only the risk of having sharia characteristics can turn into a portfolio asset for the mutual fund.
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Take an example on Islamic stock mutual funds. Investment managers cannot distribute their portfolios to stocks that place usury methods such as banking. Although in fact, the capitalization value of the banking section in the stock market is large.
As a result, a large number of investment managers are inclined to distribute sharia mutual fund portfolios which are regulated in sectors such as infrastructure, commodities, and consumers.
The same thing goes for the continuous receipt mutual funds or the Islamic money market. Investment managers can only invest in Islamic bonds or deposits issued by Islamic banks.
Head of Investment Research at the Special Infovesta Wawan Hendrayana said that the constraints on the lack of choice of asset portfolios were relatively not felt by offshore Islamic mutual funds. It is not surprising if most offshore sharia mutual funds have good capabilities in recent times.
According to him, offshore Islamic mutual funds benefited because they could invest in stocks that were barely in the Indonesian capital market, for example tech shares. "Technology stocks such as Facebook or Apple mostly have the potential for natural price increases in an instant," said Wawan, Friday (20/4).
Rudiyanto admitted that offshore sharia mutual funds tend to naturally increase capabilities more rapidly compared to domestic-owned Islamic mutual funds. However, not all investment managers have access to invest in foreign markets. "So few investment managers have offshore mutual fund products," he said.
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As found, now Panin Asset Management has three Islamic mutual funds, all of which are domestic. Among other things is the Panin of Sharia Funds, Panin of the same Sharia Fund, and Panin of Sharia Liquid Funds. The three mutual funds have a value of under management of around Rp 129, 78 billion until March 2018.
Cut off from that, the lack of determining asset portfolios rather than changing is a deterrent for Islamic mutual funds to write good abilities. The ability of this mutual fund can still survive when the market is experiencing turmoil. "Investment managers should be able to measure the possibilities that can take place when launching Islamic mutual funds," said Rudiyanto.