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.