Threadneedle Investments has received licence in Malaysia to offer Shariah compliant services to institutional investors.
The company will offer services to sovereign wealth funds, pension funds, insurance companies, government/ quasi-government entities, corporates and charities, according to Asia Asset Management.
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Syed Elias Alhabshi, who has been a senior advisor to Threadneedle in Singapore since September 2011, has been named as chairman for Malaysia.
Mohd Farid bin Kamarudin, currently CEO of Malaysia, will take over the role of senior fixed income fund manager in the country. In his new role, Farid bin Kamarudin will report to Clifford Lau, head of fixed income (Asia-Pacific), Alhabshi and Andrew Chan, chief administrative officer, Asia-Pacific.
Farid will be responsible to build out Threadneedle’s Shariah-compliant investment capabilities and will be a senior member of the global investment team. Prior to joining Threadneedle, Farid served as executive director and head of Sukuks and alternative investments for AMIslamic Funds Management in Malaysia.
Additionally, Sabrina Wong has been appointed as fixed income analyst based in Malaysia, reporting to Farid and Lau. Earlier to this, she has held fund manager roles at Investec Asset Management and Bank Negara in Malaysia.
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By GlobalDataThe team will be supported by the Singapore regional office and global head office in London.
Raymundo Yu, Threadneedle’s Asia Pacific chairman, said: "There is substantial untapped demand for Shariah products and in order to capture these opportunities we need to have in-depth understanding of our clients and ensure we are able to innovate and customise our offerings to clients to meet their needs. With the launch of these new capabilities, we aim to make Threadneedle a centre of excellence for Islamic finance in Malaysia.
