Touch ‘n Go Group (TNG) and Principal Asset Management today jointly announced that Principal e-Cash Fund, the underlying fund for Touch ‘n Go’s GO+, is now Shariah-compliant.
TNG said in a statement that this makes GO+ fund Malaysia’s first shariah compliant e-wallet product.
Through this Shariah-compliant fund, Touch ‘n Go added that its “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 whilst being able to use the funds for all transaction over its e-wallet”.
GO+ was first launched in March 2021 and has currently surpassed 1.2 million users to date.
The product essentially combines Touch ‘n Go eWallet’s expertise in technology and ecosystems and Principal’s core expertise in investment strategy and fund management.
Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group said,
“When we first launched GO+, there were calls from our users for the underlying fund to be Shariah-compliant. We listened to them, and immediately went to work.
We now have a product that is even more inclusive than it was, and perfectly in-line with our goals of bringing basic financial services to everyone,”
Munirah Khairuddin, CEO of Principal Asset Management said,
“We are currently the leading Islamic asset manager in Malaysia, among the top five global Islamic asset manager, and at the forefront of developing new Shariah-compliant products and solutions in the global market.
We manage a total of RM96.7 billion funds in Southeast Asia, out of which, RM30.69 billion is Islamic funds, as of June,”