First wakaf ETF, Eq8, launched

KUALA LUMPUR: Kenanga Investors Bhd’s wholly-owned Eq8 Capital Sdn Bhd and Yayasan Waqaf Malaysia yesterday launched the world’s first wakaf exchange-traded fund. The Eq8 FTSE Malaysia Enhanced Dividend Waqf ETF is listed on Bursa Malaysia’s Main Market and debuted at a two sen premium above its issue price of RM1. Eq8 executive director Syed Umar Abdul Rahman Alhadad said waqaf ETF aimed to distribute income annually, with half allocated as wakaf assets and the remaining half paid to unitholders.