CGS-CIMB Securities launches two Shariah-compliant products


CGS-CIMB Securities Sdn Bhd said the launch is timely as the interest in Shariah investing has seen significant growth in the past few years and the offerings will complement CGS-CIMB’s existing Islamic stockbroking business.

KUALA LUMPUR: CGS-CIMB Securities Sdn Bhd has launched two additional Shariah-compliant products – iCash trading account (iCash Trading) and Islamic share margin financing facility (SMF-i).

It said on Thursday the launch of the two products, which was in conjunction with the Shariah Investing Virtual Conference 2021, complete its suite of products and services.

It said the launch is timely as the interest in Shariah investing has seen significant growth in the past few years and the offerings will complement CGS-CIMB’s existing Islamic stockbroking business.

iCash Trading is a Shariah-compliant cash trading account that allows an investor to trade with one-time multiple trading limit using his available cash in the account for Shariah-compliant securities trading in Bursa Malaysia-i and also in various exchanges including, NYSE, NASDAQ, NYSE MKT LLC, HKEx, SGX, SET and IDX.

iCash Trading offers investor brokerage as low as RM8 for all his online Bursa Malaysia-i trades.

As for the Islamic share margin financing facility, is an alternative product to the CGS-CIMB conventional share margin financing facility that is tailor-made for Shariah investors.

SMF-i is offered under the Shariah principle of Tawarruq (Commodity Murabahah) arrangement where share trading activities are performed on Shariah-compliant securities listed on Bursa Malaysia-i.

It gives investors greater buying power and the financing flexibility to boost their investment potential by leveraging on their collaterals.

The chief executive officer of CGS-CIMB, Ruzi Ajith said the market has been hit by a perfect storm in the first half of this year with persistent high Covid-19 cases, multiple lockdowns, ESG concerns, and political uncertainty.

“However, our analysis suggests that the government can achieve its target to fully vaccinate 70-80% of the population by 4Q at the current daily vaccination run rate.

“This would pave the way for the economy to fully reopen in 4Q, leading to stronger corporate earnings, and could spark a return of recovery stocks and re-rate the market in 4Q21,” Ruzi said.

CGS-CIMB offers two variations of SMF-i tailored according to investor’s preferences and trading behaviours.

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