Kenanga Investors Berhad’s (“Kenanga Investors”) has debut its new shariah-compliant private retirement scheme, Kenanga Shariah OnePRS Scheme offering access to a full range of core funds; conservative, moderate and growth. It complements the existing Kenanga OnePRS Scheme which consists of three conventional core funds and one Shariah-compliant non-core fund.
According to Mr Ismitz Matthew De Alwis, Executive Director and Chief Executive Officer, Kenanga Investors’ said “The introduction of Kenanga Shariah OnePRS Scheme corresponds to the increasing market demand for Shariah-compliant core funds leveraging on Kenanga Investors’ award winning investment strategy of rigorous stock-picking strategy and active investment risk management. PRS is a voluntary scheme that creates another avenue for investors to enhance their retirement portfolio.”
The Scheme facilitates members’ accumulation of savings for retirement using Shariah-compliant investments. Another salient feature is that 2 of the core funds, Kenanga Shariah OnePRS Moderate Fund and Kenanga Shariah OnePRS Growth Fund will be invested in investments with foreign exposure in Asia Pacific ex-Japan. This will allow these funds to diversify into fast growing regional markets, where permissible.
PRS schemes offer tax deductions on savings, providing an additional RM3,000 income tax relief on top of the existing RM6,000 tax break enjoyed by EPF contributors and life insurance contribution. Individuals below 30 years, under the PRS Youth Incentive 500, will receive a one-off RM500 with an accumulated RM1000 PRS contribution within the same year.
Kenanga Investors’ flagship funds; Kenanga Growth Fund and Kenanga Syariah Growth Fund are award winning funds that have adopted Kenanga Investors’ bottom up stock picking investment approach. Recently they were named Fundsupermart.com Recommended Unit Trusts – Core Equity Malaysia and Core Equity Malaysia (Islamic) respectively. The Kenanga Growth Fund was also named Best Performing Equity Malaysia Fund for the fourth time (5 years) and third time (10 years) at the Lipper Fund Awards 2016 (Malaysia) for the year ended 31 December 2015.
Now with Kenanga Investors, investors have an additional option to select PRS Schemes from 6 other PRS providers via the KenWealth by Kenanga platform. On this platform, investors will have the flexibility to transfer to any of the 7 providers. Investors will be able to have a consolidate view of their PRS contribution amount invested with different providers. This unique feature can help investors better plan for their retirement savings.