Report: Malaysian bank to launch $500m Shariah-compliant fund(3)

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

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.