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• Attracting New Investors, Syailendra Capital Launches Sharia Mutual Fund Product with OVO and Bareksa

Attracting New Investors, Syailendra Capital Launches Sharia Mutual Fund Product with OVO and Bareksa

July 14, 2021

Jakarta, 13 July 2021 – Syailendra Capital has officially launched the Syailendra OVO Bareksa Sharia Money Market Fund. This Sharia money market mutual fund investment product is a collaboration between Syailendra Capital, Bareksa and OVO.

The launch of this new product represents Syailendra Capital's effort to introduce a money market mutual fund product amid growing interest in mutual fund investments. According to data from Indonesia's Central Securities Depository (KSEI), the number of new mutual fund investors has grown by 1.65 million investors on a year-to-date basis (as of 15 June 2021). [1]

Harnugama, Director of Syailendra Capital, explains that money market mutual funds are an appropriate instrument for new investors. This is because money market mutual funds are characterised by minimal risk, high liquidity, easy transactions, and low minimum investment.

"Most Indonesian savers are depositors, while this product has similar characteristics to deposits, but can deliver higher returns than deposits. Therefore, the Syailendra OVO Bareksa Sharia Money Market Fund is ideal for investors who are just beginning to invest in mutual funds," said Harnugama.

With a governance approach based on solid fundamentals and nearly two decades of experience, Syailendra Capital is confident that the Syailendra OVO Bareksa Sharia Money Market Fund can offer higher returns compared to deposits, with a target return of 3-6% net per annum.

For reference, Indonesia's Sharia mutual fund industry has recorded positive growth in recent years. According to data from the Indonesia Financial Services Authority (OJK), assets under management in Sharia mutual funds reached Rp 77.5 trillion in April 2021. This figure more than doubled compared to end-2018, which was only Rp 34.5 trillion.[2]

In terms of market share, Sharia mutual funds have also shown significant growth. As of end-April 2021, the market share of Sharia mutual funds reached 13.65%, substantially higher than end-2018, which was only 6.82%.[3]

True to its name, the Syailendra OVO Bareksa Sharia Money Market Fund investment product will focus on managing Sharia-compliant assets in accordance with the governance of Sharia investment products. Moreover, the product can be accessed through the OVO app and investors can start investing from as little as Rp 10,000. Investors also benefit from additional convenience through this product as customers can instantly redeem directly to OVO Cash. This feature is the first of its kind in Indonesia for a Sharia money market mutual fund with instant redemption to e-money.

Harnugama believes that ease of access plays a key role in supporting financial literacy and inclusion for Indonesian communities, particularly in mutual fund products. Through partnerships with digital wallets like OVO and fintech platforms like Bareksa, the Syailendra OVO Bareksa Sharia Money Market Fund is expected to represent a breakthrough in the growth of mutual fund investments, especially for retail investors among millennials who are accustomed to using technology daily.

"We hope this product will serve as an initial gateway for people's investment journey towards achieving their respective financial goals," concluded Harnugama.

[1]https://www.ksei.co.id/files/uploads/press_releases/press_file/id-id/198_berita_pers_nomor_tunggal_identitas_pemodal_di_ksei_tembus_9_juta_20210701222333.pdf