Tuesday, July 15, 2008

SC approves three Islamic fund licences

TheStar

KUALA LUMPUR: The Securities Commission has approved three new licences, to Kuwait Finance House, DBS Asset Management and CIMB-Principal Islamic Asset Management for the establishment of Islamic fund management companies in Malaysia.

It was also currently evaluating proposals from other leading fund management companies to establish Islamic fund management operations in Malaysia, the commission said in a statement yesterday.

Chairman Datuk Zarinah Anwar said the approval of these three companies would play a catalytic role in the internationalisation of our Islamic capital market.

Meanwhile, Kuwait Finance House (M) Bhd managing director Datuk K. Salman Younis said the group's fund management activities in the region would be consolidated through this platform.

He said the group was excited by the growth prospects that the Malaysian capital market was offering.

DBS Asset Management Ltd CEO Deborah Ho said: “We are pleased to leverage on our existing partnership with Hwang-DBS (M) to set up a dedicated Islamic fund management company.”

The new entity would structure and distribute Islamic asset management products across Asia via synergies with DBS and DBS’ Islamic Bank of Asia, she said, adding that the group was now awaiting the necessary regulatory approvals from the Monetary Authority of Singapore to set it up. – Bernama


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