Fitch considered Saudi Arabia to be more vulnerable to future Islamic fund AUM declines than Malaysia, particularly in the event of a sustained market recovery leading to outflows from money market funds.
PETALING JAYA: Fitch Ratings expects the growing presence of tax and policy initiatives in Malaysia may lead to incremental growth in assets under management (AUM) in Malaysian Islamic funds.
It said yesterday that this growth would be over the longer term compared with Saudi Arabia. Fitch said the Covid-19 pandemic has had materially different effects on Saudi Arabian and Malaysian Islamic fund AUM.
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