rumour has it if the latest effort fails, then they might really impose a capital gains tax!

If impose a capital gains tax, and the rate is high...it's really a bad news to the chinese investors
Hope they won't impose on foreign fund managers, as Msia has 2 funds going to invest there.

CIMB-Principal Launches its First Islamic Structured Fund with Principal Protection
28 May 2007
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CIMB-Principal Asset Management Berhad today announced the launch of the CIMB Islamic Structured Growth Fund, which offers investors principal protection with the opportunity for capital gain over a 3-year period.

Noripah Kamso, Chief Executive of CIMB-Principal Asset Management Berhad, stated: "The CIMB Islamic Structured Growth Fund is a smart alternative to fixed deposits. It meets the appetite of conservative investors who want to protect their principal investment and yet be granted the opportunity for capital growth. This is contributed by the Fund capturing the best-performing combination comprising of international equity, property and commodity asset classes."

The Fund invests in a 3-year "Best Performer" Islamic structured product to be issued by CIMB Investment Bank Berhad. For the Shariah-compliant equity basket, the performance of the Dow Jones Islamic Market Titans 100 Index on a series of quarterly observation dates over three years will be tracked. The commodities basket will likewise track the performance of WTI light sweet crude oil, zinc, and copper. Finally, the property basket will track the performance of REITs from Singapore and Hong Kong, as well as the world's largest public property company, the Westfield Group in Australia.

Noripah added, "Since this fund is Shariah-compliant, a broader base of investors is eligible to invest in this fund. With zero management fees and an RM10,000 minimum investment we have made structured products more affordable to retail investors. This is compared to traditional structured products which can typically require a minimum investment of RM250,000.

"Products offering principal protection have proved very popular with investors who remain conservative, whether it is a bull or bear market. By combining 3 asset classes into 4 different proportions, the fund is able to optimize potential profit. I urge investors to invest as soon as possible to benefit from these strategy combinations. However, there is a limited window of opportunity. The fund will be launched today, 28 May 2007 and close for new investments on Friday, 6 July, or earlier if the fund is fully subscribed."

The CIMB Islamic Structured Growth Fund is a 3 year closed-ended fund with an application fee of 2.50% of the NAV (net asset value) of each unit. If investors seek to withdraw their investment prior to the maturity of the fund, a withdrawal fee of up to 1.5% may be levied and the principal protection feature will no longer apply. The initial selling price per unit will be RM0.50, and the approved fund size is 400 million units.

Noripah added, "This is the latest addition to our suite of 15 Islamic funds, out of a total of 53 funds managed under the CIMB Group. This fund is an outcome of our conscious efforts to support the government's initiative to deepen the Islamic investment management industry. We particularly appreciate the support given with the 10-year tax exemption on revenue for fund houses who manufacture Islamic products for offshore investors. Offshore foreign investors, particularly those from GCC countries [Gulf Coast Cooperation], are also seeking out Islamic investment products with capital protection."

The CIMB Islamic Structured Growth Fund is distributed by CIMB Bank and CIMB Wealth Advisors Berhad.

anyone invested in this fund?
any comment?

I think you need to study the prospectus. I don't think it is zero management fees but more like profit sharing fees.

Here's an article on US fund management fees. Similar to local fees.
http://finance.yahoo.com/expert/article/moneyhappy/34115

is it like those capital guaranteed fund?

Public Bank's Chairman Tan Sri Dato' Sri Dr. Teh Hong Piow who is also the Chairman of Public Mutual said PBEPEF is an aggressive equity fund that seeks long-term capital appreciation by investing in equities and collective investment schemes in domestic and foreign markets. "Up to 98% of the fund's net asset value (NAV) will be invested in foreign markets which include Europe, Japan, Korea, Taiwan, China, Hong Kong, Singapore, Thailand, Philippines, Indonesia and other approved markets. The equity exposure of PBEPEF will generally range from 75% to 90% of its NAV," he continued.

According to Tan Sri Teh, the fund allows investors the opportunity to participate in the long-term growth potential of a diversified portfolio of blue chip stocks, growth stocks, fundamentally undervalued stocks and dividend stocks in the domestic, European and regional markets. PBEPEF is suitable for investors with aggressive risk-reward temperament.

Yes, I think both Public bank and Public Mutual launch 2 new funds every month...

This month has PCSF and PBEPEF.

new fund by public mutual.

the pb euro pacific fund (PBEPEF)
http://www.publicmutual.com.my/article.aspx?id=6093