The Central Bank of Ireland has approved the establishment of CIMB-Principal Islamic Asset Management (Ireland) Public Limited.
This is the first Malaysian-based international Islamic funds platform domiciled in Dublin. It will act as an investment manager of a Dublin-based Undertakings for Collective Investment in Transferable Securities (UCITS) for Islamic funds.
Under the newly-launched platform, CIMB-Principal Islamic is registering three new UCITS-compliant equity funds: the Islamic Global Emerging Markets Fund;the Islamic Asia-Pacific ex-Japan Fund; and the Islamic ASEAN Equity Fund.
These funds will eventually be registered and distributed in seven jurisdictions – the United Kingdom, Switzerland, Germany, Saudi Arabia, Bahrain, United Arab Emirates and Singapore. CIMB-Principal Islamic is the investment manager and master distributor for the Funds.
CIMB-Principal Islamic is a joint-venture Malaysian-based Islamic global asset management company between CIMB Group and Principal Global Investors,
To commemorate the establishment of the new platform, a ceremony was held in Kuala Lumpur.
Speaking on behalf of CIMB-Principal Islamic, Dato’ Charon Wardini Mokhzani, Chief Executive Officer, 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. This pioneering initiative to internationalise Malaysian Islamic asset management capabilities clearly supports the MIFC’s aspiration to be a global hub for Islamic finance.”
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