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CIMB-Principal Islamic establishes three Islamic funds towards attracting global investors

Posted on January 17, 2012, Tuesday

KUCHING: CIMB-Principal Islamic Asset Management Sdn Bhd (CIMB-Principal Islamic), a joint-venture local Islamic global asset management company between CIMB Group Holdings Bhd (CIMB) and Principal Global Investors, has obtained the approval from the Central Bank of Ireland for the establishment of CIMB-Principal Islamic Asset Management (Ireland) Public Ltd.

The CIMB-Principal Islamic Asset Management (Ireland) Public Ltd would be the first Malaysian-based international Islamic funds platform domiciled in Dublin, acting as an investment manager of a Dublin-based ‘Undertakings for Collective Investment in Transferable Securities’ (UCITS) for Islamic funds.

To commemorate the establishment of the new platform, a ceremony was held in Kuala Lumpur yesterday, officiated by His Royal Highness Crown Prince of Perak, Raja Dr Nazrin Shah, who is the financial ambassador of Malaysian Islamic Financial Centre (MIFC). Also attending were Securities Commission of Malaysia’s chairman Tan Sri Zarinah Anwar, Principal Global Investors’ president and chief executive officer Jim McCaughan, and CIMB group chief executive officer Datuk Seri Nazir Razak.

Under the newly-launched platform, CIMB-Principal Islamic would be registering three new UCITS-compliant equity funds namely the Islamic Global Emerging Markets Fund; Islamic Asia-Pacific ex-Japan Fund; and Islamic Asean Equity Fund.

These funds would eventually be registered and distributed in seven jurisdictions – the UK, Switzerland, Germany, Saudi Arabia, Bahrain, United Arab Emirates and Singapore.

Speaking on behalf of CIMB-Principal Islamic, CIMB Investment Bank Bhd’s chief executive officer Datuk Charon Wardini Mokhzani said, “With this new Islamic fund range in Ireland, institutional and retail investors globally will be able to see CIMB-Principal Islamic’s asset management track record. If the funds do well, not only will they attract investment, but institutional investors may also appoint CIMB-Principal Islamic to manage their discretionary mandates too. This pioneering initiative to internationalise Malaysian Islamic asset management capabilities clearly supports the MIFC’s aspiration to be a global hub for Islamic finance.”

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