On Wednesday 24th April 2019, SBM Capital Markets Ltd, a subsidiary of the SBM (NBFC) Holdings Ltd, launched two Shariah Compliant Funds, namely, the Islamic ASEAN Equity Fund and the Global Sukuk Fund in partnership with the Principal Islamic Asset Management Group, a joint venture between the Principal Financial Group of USA (with USD 626 billion assets under management) a member of Fortune 500 companies and the CIMB Group of Malaysia.
The Islamic ASEAN Equity Fund aims to provide investors with capital growth over the medium to long term through Shariah compliant investments in the ASEAN (Association of South East Asian Nations ) region including but not limited to, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Laos, Myanmar, Cambodia and Brunei Darussalam.
The Global Sukuk Fund seeks to maximise total return over the medium to long term through a combination of capital growth and income by investing in global Sukuk. The Fund invests primarily in a diversified portfolio of Shariah compliant fixed income securities.
Speaking at the event, Mr. Kee Chong LI KWONG WING, G.O.S.K., Group Chairman of SBM Holdings Ltd declared: “As part of its diversification strategy, the SBM Group is now offering another new investment solution satisfying its clients’ sophisticated demands. The launch of one Islamic Equity Fund and another Islamic Bond Fund is a step further in our strategy to offer a wider range of financial products to our Mauritian, Madagascar and Kenyan markets.”
On his part, Mr. Kris Lutchmenarraidoo, Chief Executive Officer of SBM (NBFC) Holdings Ltd said: “The present systemic significance of the Islamic Financial industry is easy to visualize from the fact that it now covers all segments of the financial services industry. The launch of the two funds today complements the offerings of the SBM (NBFC) Holdings Ltd and its subsidiaries. The newly set up SBM Capital Markets Ltd which holds the Investment Banking License will distribute the two funds under its revamped structure where Distribution of Financial products is an important segment.”
Mr. Gaurav Kumar, Managing Director, Middle East, Africa and South Asia for Principal Global Investors stated: “Our partnership with one of the prominent leaders in the regional financial services industry marks an extremely important first step in Principal Global Investors’ strategy to offer its investment capabilities in Mauritius, Kenya and Madagascar. The collaboration and sharing of knowledge and ideas with SBM Group is the key to our success and we look forward to our journey together. We are excited by this opportunity to offer greater access to attractive investment opportunities to investors in Mauritius, Kenya and Madagascar.”
Mr. Dato’ Paduka Syed Mashafuddin, Chief Executive Officer for Principal Islamic Asset Management said: “Principal Islamic Asset Management is honoured to partner with the SBM Group and SBM Capital Markets to distribute our Global Sukuk fund and Islamic ASEAN equity fund in Mauritius. We are excited at the opportunity to share our experience in Shariah-compliant strategies and offer our funds to cater to the growing demand for Islamic products in Mauritius.”
About the Partners
SBM (NBFC) Holdings Ltd
The SBM Non-Banking Financial Cluster (NBFC) provides various services namely in Investment banking, Factoring, Registry and Fund Valuations, and Insurance Agency.
NBFC holds an Investment Banking Licence through its wholly owned subsidiary, SBM Capital Markets Ltd, which allows it to offer solutions to clients like Fund Management, Portfolio Management Services and Wealth Management Solutions, Distribution of Financial Products, Corporate Finance Advisory, Trading on both local and international markets through a dedicated desk operating till 22 00hrs daily and Structuring of Investment Products.. NBFC’s services complement the range of financial products available within other clusters of the SBM Group.
Principal Global Investors®
Principal Global Investors® leads global asset management at Principal®. As a multi-boutique firm, it brings a focused perspective and offers expertise across a host of asset classes.
At the core, it is driven by its purpose to help investors and businesses achieve their financial goals. Its global investment professionals deliver investment solutions for public and private pension funds, foundations and endowments, central banks, insurance companies, sub-advisory arrangements, sovereign wealth funds and individual portfolios.
Principal Global Investors manages approximately $442.4 billion in assets on behalf of over 800 institutional clients located in over 80 countries as well as retirement plans and individual clients, reflecting a worldwide market reach and experience and commitment to high-quality research and service (as of 31 March 2019).
Principal Asset Management Group and Principal Islamic Asset Management
Principal Asset Management Group is a Leading Asset Manager in the South East Asia Region with Strong Asian ex -Japan investment capabilities and a sound track record.
It serves institutional (government, insurance & pension funds) and retail investors since 1995 and manages USD 21.05 billion in assets as at March 2019.
The Principal Islamic Asset manager is an asset management company providing a holistic choice for Investors looking for Shariah compliant investments. It is a dedicated Islamic Global institutional asset management organization formed through a joint venture between Principal Financial Group and CIMB Group.