Saturna Sendirian Berhad, the subsidiary of US-based investment advisorSaturna Capital, has been granted an Islamic fund management licence by the Securities Commission of Malaysia.

SSB already has an established office in Kuala Lumpur through which it will provide equity research and shariah compliant portfolio management services for Malaysian and international investors. The company was built through Saturna's takeover of Alpha Asset Management, the Malaysian investment firm, whose operations were then converted to comply with shariah guidelines.

"We are now able to serve a broader client base in Muslim-majority markets, including individuals, corporations, and institutions. We chose Malaysia for its business-friendly environment and because the Malaysian government is moving to establish Kuala Lumpur as a global center for Islamic finance," saidNick Kaiser, the chairman and founder of Saturna Capital, in a statement.

SSB will be headed by Bryce Fegley as chief investment officer.