Islamic investment firm to start 3 funds in 2009

 

ASIAN Islamic Investment Management Sdn Bhd (AIIMAN), a new global investment firm partly-owned by Singapore's DBS Bank Ltd, will start up to three funds early next year to invest in Islamic bonds and Asian shares.

The fund sizes are expected to be around US$100 million (RM361 million) to US$200 million (RM722 million) each, targeted at investors in the Gulf Cooperation Council countries and Southeast Asia, chief executive officer Nor Azamin Salleh said.

Investors are looking for safe investments in the current volatile market and the syariah-compliant funds offered by AIIMAN will meet their needs, he said.

It aims to manage US$300 million (RM1.08 billion) next year.

It may launch a US$200 million global sukuk fund with strong yield, and another Islamic bond fund with safe yield, Nor Azamin said.

It is also planning an equity fund of between US$100 million and US$200 million, he said.

"It has never been a better time to venture into the global Islamic asset management arena," chief executive officer of DBS Asset Management Ltd Deborah Ho said at the launch of AIIMAN in Kuala Lumpur yesterday.

DBS Asset Management, a wholly-owned subsidiary of DBS Bank, holds 51 per cent of AIIMAN. The balance is owned by Hwang-DBS Malaysia Bhd.

"We are taking a very, very long-term view after this year, when the unexpected (developments) happened. We've learned that transparency is key and we are highly confident that over the long term, this investment is what you need," Ho said.

She noted that by its nature, Islamic investment recognises the importance of avoiding investments in highly leveraged companies and complex derivatives.