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SC Grants Two Additional Islamic Fund Management Licences

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Points of Essence:

  • Malaysian Securities Commission awarded licences to India’s Reliance Capital Asset Management and Kuwait’s Global Investment House. This will strengthen Malaysia as a  hub for Islamic fund management activities. More global leading firms are expected to be granted licence soon. Bernama has the report.

KUALA LUMPUR, Nov 18 (Bernama) — Securities Commission (SC) has granted two additional Islamic Fund Management licenses to India’s leading fund management company Reliance Capital Asset Management and to Kuwait-based Global Investment House, Deputy Prime Minister Datuk Seri Najib Tun Razak said.
In addition, he said leading firms based in Malaysia, such as Prudential, were using Malaysia as their regional centre for Islamic fund management activities, reaffirming their confidence in Malaysia as an international Islamic financial centre.

“There are also several other leading firms that are being reviewed by the SC,” he said in his address at the opening of the 5th Kuala Lumpur Islamic Finance Forum (KLIFF 2008) here Tuesday.

The event was organised by the Centre for Research and Training (CERT) and co-hosts by Labuan Offshore Financial Services Authority (LOFSA) and Halal Industry Development Corporation (HDC) in collaboration with Dow Jones Islamic Market Indexes (DJIM), International Institute of Islamic Finance (IIIF) and Messrs. Hisham, Sobri & Kadir (HSK).

This year, KLIFF 2008 offers an integrated basis for promoting Islamic Financial system dialogue among speaker and delegates to foster the orderly development of an efficient, competitive, sound and innovative Islamic Finance in a rapidly changing global environment.

Source: BERNAMA

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Written by Suapi Shaffaii

November 18, 2008 at 2:51 pm

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