AFM aims to boost Islamic funds to RM1.3b

NEWLY-launched AmIslamic Funds Management Sdn Bhd (AFM) expects to boost its Islamic funds under management to around RM1.3 billion by the fiscal year ending March 31 next year, from about RM1 billion now.

AFM, owned by the AmInvestment Bank Group, plans to launch at least four Islamic products by then for the domestic market, said Datin Maznah Mahbob, chief executive officer of the bank's funds management division.

AFM was set up after receiving its Islamic fund management licence in January this year. Previously, the banking group's Islamic funds were handled by the funds management division, which handled a total of RM16.5 billion as at June 30.

Maznah said AFM's clients now comprise both retail and institutional investors, from home and abroad."Islamic funds management is a niche that we have identified, on which we want to leverage for global expansion," she told reporters after the official launch at the IFN Issuers and Investors Forum in Kuala Lumpur yesterday.

AFM wants to focus on international investors, she said, adding that it aims to specialise in the Asia ex-Japan market, in both equities and sukuk. "We feel that we have a credible value proposition for Islamic investors worldwide. We are actually open to customising and tailor-making the investment products to be in accordance to our clients' unique syariah requirements," she said.