KUALA LUMPUR: Touch ‘n Go Group and Principal Asset Management announced that Principal e-Cash Fund, the underlying fund for Touch ‘n Go’s GO+, is now syariah-compliant.

       In a joint statement, the two companies said this makes GO+ fund Malaysia’s first syariah-compliant eWallet product.

       Touch ‘n Go eWallet customers will still gain access to low-risk money market investments for as low as RM10 and earn the same potential return on daily basis while being able to use the funds for all transaction over its eWallet.

       GO+ was launched in March 2021 as Touch ‘n Go’s first step into the area of digital financial services.

       The GO+ product is anchored on the Principal e-Cash Fund, a money market fund managed by Principal.

       The product co-creation collaboration essentially combines Touch ‘n Go eWallet’s expertise in technology and ecosystems and Principal’s core expertise in investment strategy and fund management.

       Group CEO of Touch ‘n Go Group Effendy Shahul Hamid said that when GO+ was launched, there were calls from its users for the underlying fund to be syariah-compliant.

       “We listened to them and immediately went to work. We now have a product that is even more inclusive than it used to be and is perfectly in line with our goals of bringing basic financial services to everyone,” he said.

       Principal Asset Management CEO Munirah Khairuddin said as the Principal e-Cash Fund is syariah-compliant, customers can start their investing journey with as little as RM10 and with same potential return.

       “We are focused on providing more inclusive investment solutions so that financial security is accessible to all.

       “As a financial companion, identifying the trends and addressing customers’ needs for syariah-compliant solutions have allowed our Islamic business and capabilities continue to grow from strength to strength,” she added.

       Principal Asset Management is the leading Islamic asset manager in Malaysia, among the top five global Islamic asset manager and at the forefront of developing new syariah-compliant products and solutions in the global market.

       “As at June, we manage a total of RM96.7bil funds in South-East Asia, out of which RM30.69bil is Islamic funds,” she added.

       Amanie Group founder and executive chairman Datuk Dr Mohd Daud Bakar said: “The Islamic finance industry is expected to further grow in 2021 and 2022, and we are glad that both Touch ‘n Go and Principal would serve as a catalyst to the Islamic investment market and wider Muslim population to enter and participate in the eWallet investment space as well.”

       Amanie Group is Principal’s syariah adviser.

       To date, Touch ‘n Go eWallet’s platform GO+ has surpassed 1.2 million users. GO+ is available to Touch ‘n Go eWallet users who are Malaysian citizens above 18 years old.