RUSD bridges CIMB-Principal to Middle-East investors
24 September 2012
News, Middle East, Malaysia
CIMB-Principal Asset Management Berhad has signed a letter of arrangement and operating memorandum with RUSD Investment Bank Inc. Headquartered in Malaysian offshore financial centre Labuan, RUSD will be creating two new funds, domiciled in Labuan, for distribution to their clients in Middle East.
A breakthrough that has been in development for almost two years, the two newly set-up funds will feed into the CIMB Islamic Asia Pacific Equity Fund and the CIMB Islamic DALI Equity Growth Fund, which are both Malaysian-based funds managed by CIMB-Principal.
Speaking at the signing ceremony, Campbell Tupling, chief executive of CIMB-Principal remarked: “These funds represent the first collaboration between CIMB-Principal and RUSD. By combining CIMB-Principal’s award-winning expertise in the Malaysian and Asia Pacific (ex-Japan) markets and RUSD’s innovative successes in the Islamic financial market and network in the Middle East, we are able to offer Middle East investors access to investments in both markets whilst still meeting Shariah requirements.”
Naseeruddin Ahmed Khan, chief executive officer of RUSD Investment Bank, who inked the agreement for RUSD, said: “RUSD Investment Bank is geared, committed and dedicated to becoming a leader in modern Islamic finance by developing competitive solutions that are Shariah-compliant and are alternatives to conventional financial instruments and investment products. This partnership will help us to achieve our goal to exceed the expectations of our sophisticated clients based on their needs. We have grown into an entity with a unique business model, and a strong network in the GCC countries and the larger Middle East region, as well as in Southeast Asian countries like Malaysia.”
Incorporated in August 2002, RUSD Investment Bank obtained its licence in February 2003 and is regulated by the guidelines set by the International Business & Finance Centre (IBFC), one of the leading regulatory bodies in the Asia Pacific Group. It offers a new facet of Islamic investment and financial services, in not only traditional asset management products, private placements, financial advisory services but also Islamic trusts.
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