CIMB launches Islamic securities services
Posted on October 20, 2011, Thursday
KUCHING: CIMB Group Holdings Bhd (CIMB) launched its Islamic securities services at the sidelines of the IFN 2011 Investors and Issuers Asia Forum recently aiming to reinforce its position as a fully-integrated service provider.
In its press release yesterday, CIMB said, “We offer syariah-compliant securities services on a single platform to institutions and individuals, both domestic and abroad.
“Our group’s Islamic securities services leverage on the expertise of our four business units comprising trustee services and products, custody, corporate agency and fund accounting.” CIMB Islamic executive director and chief executive officer, Badlisyah Abdul Ghani addressed the urgent need for the establishment of the integrated Islamic securities services platform, “Research has revealed that overall Islamic asset management industry has grown at an ‘astronomical rate’ of 20 per cent per annum, amounting up to US$292 billion in 2009.” Badlisyah believed the shift from traditional investments of equities and real estate funds to alternative assets investments such as syariah-compliant exchange traded funds and hedge funds evidenced the critical untapped opportunities for service providers.
The company launched the Islamic securities in hopes that its global market share would be increased as it addressed the evolving investment landscape.
It aimed to establish itself as the central hub for Islamic business in the region.