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QIFB, Gulfmena to form Islamic asset management firm
The new firm will provide a full range of shariah-compliant products and services across all asset classes.
September 20, 2010 3:20 by Reuters
Qatar First Investment Bank (QFIB) and Dubai-based hedge fund Gulfmena Alternative Investments said they plan to set up a sharia-compliant asset management firm to offer Islamic investment products.
The new company will be majority owned by QIFB, while Gulfmena will manage the investments, the companies said in a joint statement on Monday.
The new firm is slated launch in the fourth-quarter and will provide a full range of shariah-compliant products and services across all asset classes, the statement said.
The asset management firm will cater to qualified investors such as Islamic banks, foundations and charitable organisations and will seek to be regulated by the Qatar Financial Centre (QFC) regulatory authority after an initial temporary offshore establishment, the statement said.
The firm will have its own shariah supervisory board.
“We believe there is tremendous opportunity given the growth prospects of the Shari’ah compliant financial sector,” said Haissam Arabi, chief executive of Gulfmena.
The asset management sector forms a small part of the fast growing $1 trillion Islamic finance market, giving ample room for fund managers to tap growing potential of the market. In a recent report, Ernst & Young estimated the size of the Islamic asset management industry at about $52 billion, comprising a little over five percent of the entire industry size. (Reporting by Nicolas Parasie, Writing by Dinesh Nair, Editing by Amran Abocar)