Versa, a digital cash management app licensed by the Securities Commission Malaysia, has introduced Versa Gold, its first Shariah compliant fund.
Versa Gold, closely tracks the performance of gold price, allowing investors to trade gold with a starting capital of RM100 (US$22.65) in a Shariah compliant manner. The underlying fund of Versa Gold is the Affin Hwang Shariah Gold Tracker fund, launched in 2017 by then Affin Hwang Asset Management, now known as AHAM Capital. The Islamic exchange-traded fund is benchmarked against the LBMA Gold Price AM.
It is worthy to note that Versa was launched in partnership with AHAM Capital.
Licensed last year, Versa largely operates in the conventional space – it has three non-Islamic offerings including the new launched Versa REITs portfolio. The launch of Versa Gold, however, places Versa in Malaysia’s thriving Islamic fintech space. Malaysia has at least 52 fintech start-ups offering Shariah compliant products and services as at the 8th December 2022, more than any other jurisdictions worldwide, according to the IFN Islamic Fintech Landscape.
“In uncertain and turbulent economic periods, investors look for assets that can provide a safe harbour against stock market volatility. Due to its intrinsic properties, asset classes like real estate and gold continue to be favored by global investors alike due to its stable nature and role as a hedge against inflation. In introducing Versa REITs and Versa Gold, Versa is committed to ensure that everyday Malaysians can invest in these resilient offerings with minimal entry barriers,” commented Teoh Wei-Xiang, CEO of Versa.