Touch ‘n Go Group and Principal Asset Management (Principal) have announced that the Principal e-Cash Fund, the underlying fund for Touch ‘n Go’s GO+, is now Shariah-compliant.
GO+ is an eWallet investment solution. This basically allows you to start investing through your TNG eWallet app. Through this platform, customers can access low-risk money market investments for as low as RM10. When it first launched in March 2021, it was not initially Shariah-compliant.
“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,” said Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group.
For investors who want to abide by Shariah investing principles, this means that they can now invest their spare funds in GO+. This doesn’t just benefit Muslim investors. Non-Muslim investors who don’t want their funds to be invested in certain companies, such as those that generate profits from gambling, alcohol or firearms, will benefit too. As of August 2021, GO+ is the only Shariah-compliant eWallet product.
However, Touch ‘n Go also advises Muslim unit holders who have received returns from GO+ before it was made Shariah-compliant to purify their returns at their own discretion.
Source: Touch ‘n Go eWallet
To date, there are over 1.2 million users using GO+. Any Touch ‘n Go eWallet user who is a Malaysian citizen and over 18 years old can sign up.