23.11.08

Reliance Capital AMC gets Malaysia nod

India’s largest fund house Reliance Capital Asset Management Company has received approval from the Malaysian authorities to start operations in Malaysia. Zarinah Anwar, chairperson of Securities Commission, Malaysia said, “The permission to Reliance Capital Asset Management Company for beginning operations in Malaysia was granted by the authorities .” Confirming this development Vikrant Gugnani said that the asset management company would look at starting an Islamic fund based on the Shari’ah principles of investing. “We will look at starting our operations within the next six to eight months,” Gugnani mentioned. The firm will be a subsidiary of Reliance Capital he mentioned.
Islamic funds have been gaining popularity in Malaysia and nearly 180 Islamic mutual funds registered in Malaysia and tracked by global fund intelligence firm Lipper managed about $5 billion at the end of October.
This growing market presents unique opportunities to both new entrants and existing players. There are now over 300 institutions offering Shari’ah compliant banking, with an asset base of around $250bn-500 billion, say experts.

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