Sunday, August 15, 2010

Aussie Crescent looking for Malaysian Shariah-compliant partners

By Dalila Abu Bakar

Shariah-compliant wealth management firm Crescent Investments Australasia Pty Ltd is looking for Malaysian Shariah-compliant partners to tap the country's Islamic superannuation fund estimated at be twe en A$3 billion (RM8.49 billion) and A$6 billion.

Crescent chief executive officer, Chaaban Omran said the firm is talking to several local Islamic financial institutions in Kuala Lumpur for assistance in getting a superannuation licence to enable the firm to tap into the market.

The superannuation fund is similar to a pension fund with employees contributing a slice of their wages to be invested by the trustees of the pension fund in assets. About 400,000 Australian Muslims must contribute 9% of their wages towards the fund.

Omran said Crescent plans to create Australia's first Islamic superannuation fund. With a superannuation licence, the firm can manage the superannuation fund in a Shariah-compliant manner.

"We are looking for partners, Islamic asset management or finance companies. We feel that we can offer our own Shariah compliant superannuation funds.

"But, to offer Shariah compliant superannuation funds require a large injection of capital. We feel that our jointventure (JV) partner will be able to contribute to our debt capital," he said.


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