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Wednesday, November 23, 2016

Mirae Asset launches maiden Islamic fund!

Mirae Asset launches maiden Islamic fund
HONG KONG: Hong Kong-based Mirae Asset Global Investments has launched its first sharia-compliant Asian equities fund, part of efforts to widen its client base and tap into demand from Islamic investors in the Middle East and Southeast Asia.

The launch adds momentum to the Islamic funds industry, which underwent a period of consolidation in recent years but is now attracting regional firms seeking to penetrate markets from Saudi Arabia to Indonesia.

The Luxembourg-domiciled fund will be registered in selected countries while focusing on distribution with local partners, the firm said in a statement.

— Reuters

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