| Prudential Registers 30 Pct Growth In Syariah Asset Fund Size |
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KUALA LUMPUR, July 22 (Bernama) -- Prudential Fund Management Bhd (PFMB) expects the size of its syariah asset funds to register 30 percent growth for the rest of the year as in the first half of 2009.
Its syariah investment director, Zulkifli Ishak, said the growth would be contributed by its offshore mandates amid improving market and growing confidence in the Islamic finance industry.
"We plan to launch a new product in the fourth quarter of this year in view of the requests and enquiries from customers," he told a media briefing here on Wednesday.
Currently, the company manages eight Islamic funds for offshore and onshore institutional and retail investors and private mandates valued at RM1.3 billion.
Zulkifli said the company aimed to enter Brunei market next year.
"It is a potentially lucrative area with a majority of Muslim population for the company's products.
"We will continue our negotiations with the authority in June next year," he said.
The total assets in Brunei's banking sector are estimated to be over B$16 billion (B$1=RM3.42) with total deposits of about B$12 billion.
PFMB has been managing Islamic fund since 2002.
It operations include structuring or developing and administering Islamic products on top of providing syariah advisory services for Prudential's regional offices.
-- BERNAMA
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