JAKARTA: The growth of Sharia mutual funds stalled in the end of June 2011 following the limited launch of new Sharia products in the past three months.Based on the capital market data of Capital Market and Financial Institution Watchdog (Bapepam-LK), the asset under management (AUM) of Sharia mutual funds was IDR5.77 trillion.Sharia mutual fund gave 3.68% contribution to the total industrial AUM reaching IDR157.05 trillion. Nevertheless, the monthly growth of mutual fund is only reach 2.12%-8.86%.In January- February, the asset under management of Sharia grew only 2.43%, in February-March, it climbed by 2.77%, in March-April it soared to 5.77% and in April-May it surged to 8.86%.In the meantime, the growth in May-June slowed to 2.12%.In the first quarter of 2011, there was only one new Sharia protected fund, thus the total Sharia mutual funds reached only 49 products compared to 48 products last year.This problem is the impact of several classic problem faced by investment manager recently, said Head of Accounting Standard and Transparency Bureau at Bapepam-LK, Etty Retno Wulandari.She further highlighted the low understanding towards Sharia products as there are only few investment managers preferring Sharia securities as portfolio.Investment manager issuing Sharia mutual funds tend to increase the managed fund following the minimum product value at IDR25 billion per product.Not all investment managers comprehend Sharia mutual fund products, said PT Prospera Asset Management President Director Yosep Chan.The data of Bapepam-LK also highlighted the total AUM or gross asset value of Sharia mutual funds to reach IDR5.77 trillion. The main contributor happens to be protected mutual funds, with IDR2.2 trillion or 38.47% consisting of 14 mutual funds product. The remaining contributors are index equity funds and fixed income funds.In the meantime, equity funds raised IDR1.80 trillion AUM with 10 products while discretionary funds contributed IDR1.07 trillion AUM consisting of 16 products.In 2003, the asset under management of new Sharia mutual funds reached IDR66.94 billion, consisting of four products while the industrial asset under management in that period exceeded IDR69.44 trillion, consisting 186 products.Investment awarenessA business consultant at Karim Bisnis Consulting, Adiwarman Karim perceived the lack of Sharia product such as corporate sukuk as one of the obstacles of Sharia mutual funds growth.The growth of state sukuk is favorable yet the growth of corporate sukuk is stalled, he said. Beside, Sharia products including mutual funds are yet to be backed by comprehensive taxation regulation.Most Indonesian are not able to differentiate investment and saving. (t02/msw)

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