Malaysia - 20 August 2008
Prudential Fund Management Bhd (PFMB) in Malaysia and Prudential Asset Management Limited (PAMD) in the Dubai International Financial Centre (DIFC) – both part of UK-Headquartered Prudential Plc- today signed a Memorandum of Understanding (MoU) to expand marketing cooperation and distribution of Shariah funds in Malaysia and the Middle East.
According to the MoU, both operations would work closer on distributing Prudential-managed Shariah funds in both Malaysia and the Middle East.
This a result of a recent agreement signed by the Securities Commission Malaysia (SC) and the Dubai Financial Services Authority (DFSA) to promote the cross marketing and distribution of Islamic funds.
Prudential is one of the first companies to take advantage of this new agreement.
The signing ceremony was witnessed by Prudential Corporation Asia, Chief Executive, Fund Management, Arne Lindman and YBhg Dato Zarinah Anwar, Chairman of the Securities Commission Malaysia.
At the signing ceremony, Prudential Corporation Asia's, Chief Executive, Fund Management, Arne Lindman said, "Malaysia and Dubai are two key operations where we manage and offer Shariah products and therefore, it is a natural partnership for both companies to offer products in their respective markets. We are grateful for the government support and favourable regulatory environments that has encouraged us to expand our geographical reach."
PFMB is one of Prudential's hubs for managing Islamic funds. Based in Kuala Lumpur it currently manages six (6) Shariah Funds and Prudential BSN Takaful funds valued at RM 629 million. PFMB also manages offshore Shariah assets worth RM 294 million. PAMD, established in 2006, is the distribution hub for Shariah investment products across the Middle East.
Mark Toh, CEO of PFMB said, "We are delighted to expand cooperation within the company to ensure that customers across Malaysia and the Middle East can benefit from a fuller range of Islamic investment products and services from Prudential."
Suraj Mishra, CEO of PAMD said, "We are encouraged by both markets' efforts to enhance the exchange of resources, expertise and investment products. This provides an excellent opportunity for Islamic Finance leaders like Prudential to provide an expanded choice of products across Malaysia and the Middle East."
In Asia, Prudential's asset management business is one of the region's largest. With operations in 10 markets, it has more top five rankings than any other regional player, and US$68 billion in funds under management as of 30 June 2008.