Nomura sets up Islamic fund management firm in Malaysia

Nomura Asset Management Co., Ltd., a wholly owned subsidiary of Nomura Holdings, Inc., announced on January 30 the establishment of Nomura Islamic Asset Management Sdn. Bhd. (NIAM), an Islamic fund management firm based in Kuala Lumpur, Malaysia.

NIAM has acquired an Islamic Fund Management Company license from Malaysia's Securities Commission and has commenced operations headed by Mr. Toru Nakano as Managing Director. The new firm marks Nomura Asset Management's entry into the Islamic fund management business and positions it to start managing Shariah-compliant financial products.

Commenting on the announcement, Mr. Atsushi Yoshikawa, president and CEO of Nomura Asset Management, said: "Nomura Asset plans to position Islamic fund management as one of our most important strategies. With the establishment of Nomura Islamic Asset Management, we plan to provide a wide range of products and services to Asia and the Middle East regions."

Nakano added: "The establishment of NIAM is in line with the Malaysia International Islamic Financial Centre initiative promoted by the Malaysian government, and it signifies Nomura's strong commitment to Islamic fund management and Malaysia."