ID :
15636
Tue, 08/12/2008 - 14:48
Auther :
Shortlink :
http://m.oananews.org//node/15636
The shortlink copeid
SC TO ISSUE MORE ISLAMIC FUND MANAGEMENT COMPANY LICENCES
KUALA LUMPUR, Aug 12 (Bernama) - The Securities Commission (SC), will issuemore Islamic fund management company licences before the year's end as well as next year in an effort to continuously internationalise the industry, its chairman Zarinah Anwar said Tuesday.
"We have already approved three licences and are processing more applications from Europe, the United States, the Asia-Pacific and the Middle East," she added.
"Many of the firms want to make Malaysia their global centres of excellence for Islamic fund management," she said in her keynote address at the Malaysian Islamic Finance (MIF) Issuers & Investors Forum 2008, here Tuesday.
On the deadline for approval of applications, she said: "We try to expedite the approval process. We approve in batches and process applications as they are made.Hopefully, there will be more interest from fund management companies next year."
She however declined to disclose if the SC was working on having a specific number of companies. "We won't cap the numbers because the idea is to encourage more fund management companies, especialy the bigger ones, to come to Malaysia," she explained.
She said the new foreign fund management companies could complement the quality products and services of existing ones. This in turn offers a wider choice for domestic and foreign investors.
Malaysia, she stated, needed to aggressively promote itself as an attractive destination for Islamic fund investment.
Foreign Islamic fund management companies are allowed to have a 100 percent equity interest.
"We have already approved three licences and are processing more applications from Europe, the United States, the Asia-Pacific and the Middle East," she added.
"Many of the firms want to make Malaysia their global centres of excellence for Islamic fund management," she said in her keynote address at the Malaysian Islamic Finance (MIF) Issuers & Investors Forum 2008, here Tuesday.
On the deadline for approval of applications, she said: "We try to expedite the approval process. We approve in batches and process applications as they are made.Hopefully, there will be more interest from fund management companies next year."
She however declined to disclose if the SC was working on having a specific number of companies. "We won't cap the numbers because the idea is to encourage more fund management companies, especialy the bigger ones, to come to Malaysia," she explained.
She said the new foreign fund management companies could complement the quality products and services of existing ones. This in turn offers a wider choice for domestic and foreign investors.
Malaysia, she stated, needed to aggressively promote itself as an attractive destination for Islamic fund investment.
Foreign Islamic fund management companies are allowed to have a 100 percent equity interest.
