AmIslamic sees RM1.5b in assets by year-end

By Jason Ng
AmIslamic Funds Management Sdn Bhd expects to increase its assets under management up to RM1.5 billion by year-end by tapping investors from the Asia Pacific region. AmIslamic's assets under management stood at RM940 million as of June 30, 2009 comprising various Shariah-compliant equities, sukuk and other non-ringgit assets, according to CEO of fund management division Maznah Mahbob.
"The short-term plan would see that most of our funds would be raised from domestic retail investors but we are targeting global investors as part of our global expansion plans," she told a press conference after the official launch of AmIslamic in Kuala Lumpur yesterday.
AmIslamic is the Islamic funds management arm of Malaysia's fifth largest banking group Am-Bank Group. After obtaining licence from the Securities Commission in January, AmBank Group transferred Shariah-compliant assets to AmIslamic for it to begin operation.
AmIslamic offers customised Shariah-compliant investment solutions, specialising in global sukuks and Asia Pacific equities investments, for both retail and institutional investors.
"We have at least another four more Islamic unit trust products in the pipeline for the domestic retail investors," Maznah said. There are 11 Shariah-compliant unit trust funds ranging from money market, Islamic bonds, mixed assets, local and global equity, as well as separately managed accounts under AmIslamic presently.
AmIslamic has partnered South Africa-based Oasis Group Holdings Pty Ltd as well as Saudi Arabia's Al Rajhi Bank for fund management as well as distribution of the products globally, Maznah said. (The Malaysian Reserve, Aug 5, 2009, p9)