The UK bank is seeking a bigger share of the $60 billion market for sharia-compliant funds under management by globally standardising its securities services offering.
Islamic asset management
Islamic funds – those managed in compliance with sharia law – are an $84 billion-plus industry, according to AsianInvestor research, that is expected to continue to grow.
The new unit aims to create a stronger focus on the firm's Islamic institutional business, both onshore and offshore.
The Swiss private bank cites its sustainable investment credentials as an advantage when it comes to offering a range of Islamic wealth products.
Dubai WorldÆs request to restructure its debt is likely to reshape the understanding among investors and issuers of who holds the upper hand when it comes to bond-like sukuk.
The Malaysian firm is pitching for more institutional mandates and hopes to benefit from money contributed to the state-run Employees Provident Fund being shifted into unit trusts.
The German bank says the growth in the take-up of its Islamic products is outpacing its conventional funds business in Asia.
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Having recently launched two sharia equity strategies, the US asset manager plans to manage more assets out of Kuala Lumpur.
FTSE and the Stock Exchange of Thailand add the FTSE SET Shariah Index to the marketÆs benchmarks.
India-based Reliance Asset Management and Kuwait-based Global Investment House join three other international Islamic fund managers already licensed by the Securities Commission.
Cerulli projects a 12% compound annual growth in sharia assets in the next five years once the current volatility subsides.
Malaysia now has more sharia funds than Saudi Arabia, but is still second in terms of assets under management.
Taurus Mutual Fund launches India's first actively managed sharia-compliant fund available to the retail market.