ID :
16466
Wed, 08/20/2008 - 16:12
Auther :
Shortlink :
https://www.oananews.org//node/16466
The shortlink copeid
GLOBAL SUKUK MART LIKELY TO GAIN MOMENTUM IN FIRST QTR NEXT YEAR
KUALA LUMPUR, Aug 20 (Bernama) -- The global sukuk market is likely to gain momentum in the first quarter of next year following a period of slower growth due to the United States subprime market impact.
Executive director and chief executive officer of CIMB Islamic Bank Bhd, Badlisyah Abdul Ghani said demand for infrastructure based issuance would remain strong with Malaysia and the Gulf Cooperation Council (GCC) countries beingprominent players.
"The new issuance of global sukuk would find it difficult though to surpass the US$16 billion of last year due to the current credit crisis conditions," he stated following the launch of CIMB Islamic's new product, Market Select, asyariah-compliant capital-protected fund.
CIMB Islamic is however confident that the Market Select fund would be asuccess inspite of the global economic scenario.
CIMB Islamic is the CIMB group's global Islamic banking and finance franchise.Both CIMB Bank and CIMB Islamic offer retail banking services to over4.7 million customers in 366 branches nationwide.
The CIMB Group is also Malaysia's second largest financial servicesprovider.
Badlisyah said by catering to the different investment portfolios of countries around the world, the Market Select fund was able to capture theupside of each market while mitigating risk arising from each.
The new fund would invest in 17 countries from developed and emergingmarkets around the globe.
These include developed nations such as the United States, Europe and Japanand emerging economies like China, India, Malaysia, Russia, Brazil and Vietnam.
According to CIMB Bank's Head of Retail Banking, Peter England, Market Select potentially offers higher returns than fixed deposits as it rides on thegrowth of new emerging markets.
He said Market Select's dynamic investment allocation strategy would give average annual returns of 16.5 percent and 23.6 percent for the three-year andfive-year plans respectively.
"This marks another innovative offering from the CIMB Group through combining our skills and expertise in treasury, Islamic finance and takaful tobring previously inaccessible markets to the retail investor," he added.
England highlighted that the group was targeting RM200 million (US$60.24million) from the take-up of the Market Select fund by investors.
In terms of the sales of wealth management products including structured products and unit trust, he said RM1.5 billion (US$451 million) in total salesfor this year had been recorded.
Growth of the retail banking assets for this year, he disclosed, amounted to RM3.2 billion (US$963.85 million), representing a 10 percent growth from lastyear.
Executive director and chief executive officer of CIMB Islamic Bank Bhd, Badlisyah Abdul Ghani said demand for infrastructure based issuance would remain strong with Malaysia and the Gulf Cooperation Council (GCC) countries beingprominent players.
"The new issuance of global sukuk would find it difficult though to surpass the US$16 billion of last year due to the current credit crisis conditions," he stated following the launch of CIMB Islamic's new product, Market Select, asyariah-compliant capital-protected fund.
CIMB Islamic is however confident that the Market Select fund would be asuccess inspite of the global economic scenario.
CIMB Islamic is the CIMB group's global Islamic banking and finance franchise.Both CIMB Bank and CIMB Islamic offer retail banking services to over4.7 million customers in 366 branches nationwide.
The CIMB Group is also Malaysia's second largest financial servicesprovider.
Badlisyah said by catering to the different investment portfolios of countries around the world, the Market Select fund was able to capture theupside of each market while mitigating risk arising from each.
The new fund would invest in 17 countries from developed and emergingmarkets around the globe.
These include developed nations such as the United States, Europe and Japanand emerging economies like China, India, Malaysia, Russia, Brazil and Vietnam.
According to CIMB Bank's Head of Retail Banking, Peter England, Market Select potentially offers higher returns than fixed deposits as it rides on thegrowth of new emerging markets.
He said Market Select's dynamic investment allocation strategy would give average annual returns of 16.5 percent and 23.6 percent for the three-year andfive-year plans respectively.
"This marks another innovative offering from the CIMB Group through combining our skills and expertise in treasury, Islamic finance and takaful tobring previously inaccessible markets to the retail investor," he added.
England highlighted that the group was targeting RM200 million (US$60.24million) from the take-up of the Market Select fund by investors.
In terms of the sales of wealth management products including structured products and unit trust, he said RM1.5 billion (US$451 million) in total salesfor this year had been recorded.
Growth of the retail banking assets for this year, he disclosed, amounted to RM3.2 billion (US$963.85 million), representing a 10 percent growth from lastyear.
