Prudential Islamic finance hub in Malaysia

  • Business
  • Wednesday, 22 Mar 2006

LONDON: Prudential plc, the second largest life insurer in Britain, intends to make Malaysia an Islamic regional financial services hub, said group chief executive officer Mark Tucker. 

He said the company was looking at the possibility of establishing a regional fund management centre due to the growing potential and demand for financial products, including Islamic instruments, globally. 

“This is because the Islamic insurance and funds industry remains relatively untapped and very few global players are offering these range of products and solutions,” Tucker told reporters during a media tour of Prudential PLC’s headquarters here. 

Mark Tucker...the company is now in discussions to finalise plans for a regional fund management centre in Malaysia

“Furthermore, Prudential Malaysia is already offering Islamic and fund management products and it makes sense for us to consider Malaysia a regional fund management centre.  

“The Malaysian Government is also continuously carrying out various initiatives to make the country a regional hub for Islamic financial services.” 

The company, he said, was now in discussions with the relevant authorities to finalise plans to set up the centre. 

On the takeover offer by its rival, Aviva PLC, Tucker said the company intended to remain independent and was not interested in any merger plans with Aviva or any other parties.  

Aviva and Prudential are expected to compete this week to gain the support of Prudential shareholders after the company rejected a £16.8bil offer from Aviva. 

Prudential subsidiary M&G Investments overseas business development director Steven Brown said the company had plans to distribute funds in the Middle East some time this year. 

M&G Investments is one of the leading fund managers in Britain. It will act as fund manager for Prudential Unit Trusts Bhd’s new equity global fund expected to hit the market next week. 

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