Malaysia is attracting Islamic investment funds from the U.S. seeking higher returns in Asia as growth in developed economies slows.
“Emerging markets is where we see global growth going for the next couple of decades and the source for a lot better opportunities,” Bryce Fegley, chief investment officer at Saturna Sdn., the Malaysian unit of Saturna Capital LLC, the biggest Shariah-compliant stock fund in the U.S., said on Aug. 10. Saturna’s expertise in Islamic finance “steered us to Kuala Lumpur as opposed to Singapore, Hong Kong or other emerging markets,” he said.
Saturna, the Bellingham, Washington-based company that oversees $2.7 billion of assets, set up Saturna Sdn. in March and obtained an Islamic finance management license in May, Fegley said. Franklin Templeton GSC Asset Management Sdn. got approval to offer services that comply with religious principles in January, according to the Malaysian Securities Commission’s website.
No comments:
Post a Comment