Malaysia-based Maybank’s asset management unit has come up with its first US dollar-denominated mutual fund that invests in Islamic bonds.
The fund will partly invest in sukuk issued from Gulf countries, and will be initially be available only for Malaysian investors, reports Reuters.
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However, Nor’ Azamin Salleh, chief executive of Maybank Asset Management Group said that plans are on to distribute the fund overseas.
Malaysia reportedly has 36 sukuk funds at present, which overall hold assets worth $1.9 bn.
But Gulf scholars shun certain structures adopted by Malaysian issuers, especially murabaha, which restricts the global appeal of Malaysia-focused sukuk funds.
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