Fundraising

Report: Malaysian bank to launch $500m Shariah-compliant fund(2)

The fund will raise money from Asian and Middle Eastern investors to invest in infrastructure projects in Muslim countries in Asia.

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CIMB Islamic, the Islamic banking and finance arm of Malaysian bank CIMB Group, intends to launch an Shariah-compliant infrastructure fund in the next three months.

The fund, which is targeting $500 million, has seed capital from regional and Middle Eastern institutional investors, Badlisyah Abdul Ghani, chief executive officer of CIMB Islamic, told The Star, a Malaysian newspaper.

It will invest in infrastructure projects in Muslim countries across Asia, he added.

CIMB Islamic offers Shariah-compliant financial solutions in areas such as investment and consumer banking, asset management and wealth management.

CIMB Islamic did not respond to requests seeking comment by press time.