MALAYSIA: CIMB-Principal Islamic Asset Management has received approval from the Central Bank of Ireland for the establishment of CIMB-Principal Islamic Asset Management (Ireland), making it the first Malaysian international Islamic funds platform domiciled in Dublin.
The newly formed CIMB-Principal Islamic Asset Management (Ireland) will serve as an investment manager of Dublin-based Undertakings for Collective Investment in Transferable Securities (UCITS) for Islamic funds.
CIMB-Principal Islamic Asset Management will also launch three new UCITS-compliant equity funds under the new platform: comprising the Islamic ASEAN Equity Fund, the Islamic Asia-Pacific ex-Japan Fund and the Islamic Global Emerging Markets Fund.
The three funds will be registered and distributed in seven jurisdictions: Bahrain, Germany, Saudi Arabia, Singapore, Switzerland, the UAE and the UK.