KUALA LUMPUR: Hong Leong Islamic Bank (HLISB) has launched the first-in-market digital restricted investment account, Portfolio Investment Account (PIA-i).

       In a statement, HLISB said it had collaborated with Hong Leong Islamic Asset Management (HLISAM) for the PIA-i to offer its customers the opportunity and accessibility to invest in Shariah-compliant unit trusts funds on a digital platform.

       The Shariah principle for this product is Wakalah bi Al-Istithmar, an agency contract where the investor authorises HLISB to manage the customers’ investment on their behalf.

       HLISB chief executive officer Jasani Abdullah said: “The Covid-19 lockdown has been a catalyst for retail investment in the country as Malaysians saw the urgency to invest in their future financial sustainability.”

       “With Malaysia’s accelerated transformation towards an advanced digital economy, the digital offering of HLISB PIA-i is another step towards the increased use of digital tools and technology in an ever-expanding digital first society.

       “In addition, PIA-i also aims to serve and facilitate the journey towards a more superior personal wealth management,” he said.

       Through the PIA-i, customers’ funds will be invested into three Shariah-compliant investments; Hong Leong Dana Al-Izdihar, a money market fund; Hong Leong Dana Maa’rof, a balanced fund; and Hong Leong Dana Makmur, a Refinitiv Lipper award-winning equity fund.