BIMB Invest, Arabesque launch fund investing in firms using AI technology

KUALA LUMPUR: BIMB Investment Management Bhd (BIMB Invest) aims to raise RM100mil for its BIMB-Arabesque Malaysia Shariah-ESG Equity Fund from local and overseas markets within over a year.

The syariah- and environmental, social and governance-compliant fund, the first of its kind in the country, invests in companies using artificial intelligence technology.

The fund was launched in partnership with UK-based asset manager, Arabesque Asset Management Holding Ltd (Arabesque Partners), in Kuala Lumpur on Friday.

BIMB Invest chief executive officer Najmudin Lutfi said the fund would invest in listed equities, of which at least 70% of the portfolio would be allocated to companies in Malaysia and up to 30% foreign firms.

“It will be offered for subscription in ringgit, US dollar, euro and Singapore dollar at RM0.25, US$0.25, 0.25 and S$0.25 per unit, respectively for 21 calendar days during the initial offer period from March 9 to March 29, 2017.

“The minimum initial investment required for the fund is RM500, US$500, 500 euros and S$500,” he told reporters after the launch of the fund.

Najmudin said the fund was suitable for investors who sought exposure to syariah ESG-compliant Malaysian stocks and capital appreciation over medium- to long-term period.

“The fund is available at all 145 Bank Islam branches nationwide, BIMB Invest consultants and online at www.fundsupermart.com,” he said. 

Meanwhile, Arabesque Partners CEO Omar Selim said: “The artificial intelligence technology inspired by X-ray imaging, involved with our proprietary sustainability monitoring tool, Arabesque S-Ray, allows investors to have full transparency on which we invest in the companies and why. 

“Our rules-based quantitative approach enables us to efficiently process billions of data points and remove human biases, with the objective of constructing an optimum portfolio relative to the risk,” he said. - Bernama