First Islamic retirement scheme from Hong Leong

PETALING JAYA: Hong Leong Asset Management Bhd’s (Hong Leong AM) first Islamic private retirement scheme (PRS), Hong Leong PRS-Islamic, is now available via the bank’s offices and agency forces nationwide.

The Hong Leong PRS-Islamic marks Hong Leong AM’s second PRS and will be managed by the appointed external fund manager, Hong Leong Islamic Asset Management Sdn Bhd.

“It is projected that by 2056, over 20% of the population in Malaysia will be aged 65 and above, reflecting the reality that we are a nation with high life expectancy.

“This phenomenon will bring a new set of challenges in areas such as employment, aged care and income security, and with cost of living continuing to increase, reports have shown that most retirees fully utilise their mandatory scheme savings within five years of retirement.

“This means that relying on the mandatory scheme savings alone may not be sufficient once active income has stopped,” said Hong Leong AM in a statement.

The Hong Leong PRS-Islamic is a voluntary scheme which aims to facilitate the potential accumulation of savings for PRS members’ retirement needs by offering a range of retirement funds for PRS members to choose from depending on their retirement needs, risk appetite and age.

The three core funds under Hong Leong PRS-Islamic are Hong Leong PRS Islamic Growth Fund, Hong Leong PRS Islamic Moderate Fund and Hong Leong PRS Islamic Conservative Fund.

The minimum initial subscription amount of the Hong Leong PRS-Islamic is RM100 while the minimum additional subscription amount is RM50. Valid until 2025, PRS members who invest in PRS will be eligible to claim tax relief for PRS investment amounts up to RM3,000.

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