MALAYSIA: ASM Investment Services is aiming to convert all seven of its conventional funds into Islamic funds by the end of 2013 to position the company as a fully Shariah compliant fund and asset management company, said Nik Mohamed Zaki Nik Yusoff, its CEO.
Nik Mohamed added that the company will require the approval of its trust unit shareholders and the Securities Commission Malaysia for the conversion plan and that the transformation will start at the beginning of next year.
Meanwhile ASM Investment Services has also launched its new ASM Syariah Capital Protected Sector Linked Fund.
The fund will have 500 million units, offered to investors at 50 Malaysian sen (16 US cents) per unit. It has a three-year maturity period, with subscription applications to be closed on the 12th January 2012.