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Wednesday August 5, 2009

AmIslamic Funds Management to launch four products

KUALA LUMPUR: AmIslamic Funds Management Sdn Bhd plans to launch at least four new domestic Islamic unit trust products by the end of its current financial year next March to boost its Islamic fund assets to RM1.3bil from RM940mil presently.

But for long-term growth, it would be looking at the international Islamic fund management market, said AmInvestment Bank Group funds management chief executive officer Datin Maznah Mahbob.

“This is a short-term way to raise the funds from the domestic retail investors. We are also looking at international markets for our other Islamic products as we believe the global market will ensure our long term growth,” she said yesterday at a press conference on the launch of AmIslamic Funds Management.

Maznah said AmIslamic Funds Management had the capability to come up with unique and customised Islamic products that were syariah-compliant, which would allow it greater access in the international market.

“Our current Islamic funds, ranging from equities and sukuk (Islamic bonds) cater to clients from retail and institutions that include foreign institutional clients from the Middle East and Brunei.

From left: AmIslamic Funds Management Sdn Bhd executive director/head-equities Mohd Fauzi Mohd Tahir, Datin Maznah Mahbob, Securities Commission Malaysia MD Datuk Dr Ramlah Nik Mahmood and T.C. Kok during the launch.

“Islamic fund management will be a key strategic initiative for our global expansion,” she said, adding that the fund had been working on strategic overseas distribution for its Islamic products with established foreign players in Islamic finance.

AmInvestment Bank Bhd managing director T.C. Kok said AmIslamic Funds Management had formed “meaningful” global partnerships with the Oasis Group and Al Rajhi to further enhance its syariah-compliant portfolios.

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