ASEAN investment bank launches Islamic securities services
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ASEAN investment bank launches Islamic securities services 18 October 2011Kuala Lumpur Reporter: Anna Reitman
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CIMB has announced the launch of its Islamic securities services at the IFN 2011 Investors and Issuers Asia Forum.
Its Islamic securities services leverages on the expertise of CIMB's four business units comprising Trustee Services and Products, Custody, Corporate Agency, and Fund Accounting.
In a statement released by the investment bank, Badlisyah Abdul Ghani, executive director and CEO, CIMB Islamic said during the conference that in view of the burgeoning increase in global Islamic assets, there is an urgent need for the establishment of an integrated Islamic securities services platform.
“Research has revealed that overall Islamic asset management industry has grown at an astronomical rate of 20 per cent per annum, bringing it to amount to $292 billion in 2009. The recent shift from traditional investments [such as equities and real estate funds] to investments in new alternative asset classes [such as shariah-compliant exchange traded funds (ETFs) and hedge funds] further evidences critical untapped opportunities for local and international service providers,” explained Badlisyah.
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