CIMB-Principal Islamic Asset Management (Ireland), a joint-venture between CIMB Group and Principal Global Investors, has obtained approval from the Central Bank of Ireland and claims to be the first Malaysia-based international Islamic funds platform based in Dublin.
The company is in the process of registering three funds – Islamic Global Emerging Markets, Islamic Asia-Pacific ex-Japan, and Islamic ASEAN Equity – which it plans to distribute in the UK, Switzerland, Germany, Saudi Arabia, Bahrain, United Arab Emirates, and Singapore.
CIMB-Principal Islamic is the investment manager and master distributor of the funds.
Speaking at a ceremony in Kuala Lumpur to mark the establishment of the company, Dato’ Charon Wardini Mokhzani, chief executive officer of CIMB Investment Bank 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.” The launch also supports Malaysia’s aspiration to become an international hub for Islamic finance, he added.
CIMB-Principal Islamic Asset Management Sendirian Berhad, the parent of the Dublin operation, had more than $780m in assets under management at the end of 2011. It focuses on global sukuk (Islamic bonds), Asia sukuk, global equities, and Asia Pacific ex-Japan equities.