Islamic Banking

US, Malaysian Firms Launch Islamic Asset Management JV

Tom Burroughes, Deputy Editor, London, 18 July 2008

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US investment firm and a Malaysian counterpart have launched an Islamic asset management firm, exploiting what they see as continued strong demand for shariah-compliant financial products.

Principal Financial and CIMB Group have rolled out the CIMB-Principal Islamic Asset Management operation, based in

Malaysia. The company is jointly owned by the two businesses.

The new asset management firm will manage and distribute Islamic institutional mandates and unit trust funds in Asia, Europe, the
Americas and the
Middle East.

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