PT Bahana TCW Investment Management (Bahana TCW) as of April 2021 recorded that the managed funds or Asset Under Management (AUM) of Sukuk-based sharia mutual funds reached Rp107.95 billion or grew 61.53% from Rp66.83 billion in the same period last year.

"This growth was supported by the funds managed by the Bahana MES Syariah Fund which increased by more than 100% (yoy) or from Rp47.35 billion in April 2020 to Rp95.61 billion in April 2021," said President Director of Bahana TCW, Rukmi Proborini, in a statement on Thursday (3/6).

He explained, Islamic mutual funds will grow sustainably following other conventional mutual fund products. The Financial Services Authority (OJK) and financial industry players, including Bahana TCW, make various efforts to educate sharia-based mutual fund products and support the growth.

Currently, Bahana TCW manages two sukuk-based sharia investment products, including the Bahana MES Syariah Fund and RDS Bahana PTS Generasi Gemilang. Both portfolios are dominated by government Sukuk, which is more than 90%, and other assets are money market.

"Sukuk, which are government debt securities, have become the basis for mutual fund assets, which are increasingly popular, because they are considered to provide fairly stable and relatively safe returns," he explained.

Based on OJK data, total asset managed funds nationally as of April 2021, Sukuk-based mutual funds were recorded at Rp2.18 trillion, an increase of 121.35% (YoY) from Rp988.7 billion in April 2020.