Malaysia Matters Podcast

Malaysian Islamic influence charted a new international course today with Government approval of three fund management licenses as part of a drive to develop sharia-compliant capital investment. 

“The approval of these three companies will play a catalytic role in the internationalisation of our Islamic capital market,” SC Chairman Zarinah Anwar said in a statement.

Islamic assets are growing at an annual pace of around 20 percent and are set to hit $2 trillion in 2010 from $900 billion now, Ernst & Young forecast in February. 

One of the new licensees, CIMB-Principle Asset Management has clout as it is a segment of Malaysia’s second largest lender Bumiputra-Commerce Holdings and states that it will invest globally “in infrastructure, commodities, and technology firms.”

“Strong global demand for petrol has benefited oil-producing economies such as Brazil, Russia and Mexico,” CIMB-Principal Chief Executive Noripah Kamso said in a statement.

“With the slowdown in the U.S. and European economies, emerging markets are set to rank among the world’s largest economies in the coming decades.”