News From : DagangHalal.com (29 Jun 2010)
KUALA LUMPUR, June 29 (Bernama) — OSK-UOB Islamic Fund Management Bhd (OSK-UOB IFM) intends to launch equity-based and Asean-centric Islamic financial products initially before moving more sophisticated unit trust funds.
The company, which was recently granted the Capital Markets Services Licence by the Securities Commission to carry out Islamic fund management business activities, will offer products like Syariah-based equity funds, balanced funds, sukuk funds, money market funds, feeder funds and index funds.
OSK-UOB IFM is the Islamic joint venture entity between UOB Asset Management Ltd (UOBAM) and OSK-UOB Unit Trust Management Bhd (OSK-UOB UTM).
“Malaysia was selected as the base for the Islamic joint venture as it is one of the world’s leading Islamic finance hubs, home to the largest Islamic banking assets with a current value of US$86 billion and accounting for 63 per cent of global sukuk issued since 2006,” OSK-UOB IFM said in a statement on Tuesday.
“We are happy to partner an established asset manager like UOBAM and we hope to grow OSK-UOB IFM into a leading Islamic finance asset manager for retail and discretionary investment mandates over time,” said OSK-UOB UTM chief executive officer Ho Seng Yee.
UOBAM managing director and group chief investment officer Thio Boon Kiat said through the partnership, by leveraging on the well-established asset management and distribution network capabilities, both parties will be able to scale up their resources and commitment to offer a wider, comprehensive and innovative set of Islamic investment solutions.