Malaysia - 5 November 2009
Prudential announced the launch of Prudential Al-Wara’ Asset Management Berhad ( PRU Al-Wara’), our first dedicated Islamic asset management business.
Headquartered in Kuala Lumpur, Malaysia, PRU Al-Wara’ will be responsible for managing Shariah compliant assets on behalf of institutional investors, as well as onshore and offshore institutional mandates. The intention is to target the rapidly growing Shariah institutional asset management market alongside Malaysia’s plans to expand its position as a leading international Islamic Finance Centre.
The launch was officiated by Tidjane Thiam, Group Chief Executive; Barry Stowe, Chief Executive of Prudential Corporation Asia; Arne Lindman, Chief Executive - Funds, Prudential Corporation Asia; Mark Toh, Head of Islamic Fund Management, Prudential Corporation Asia; and Zulkifli Ishak, Chief Executive Officer of the new PRU Al-Wara’ business. Prudential Chairman Harvey McGrath and the other directors of Prudential plc also attended the event whilst in Kuala Lumpur for the plc Board overseas visit to Malaysia.
Malaysia’s Deputy Finance Minister I, Y.B Dato’ Wira Chor Chee Heung, attended and addressed the participants, highlighting the contribution of companies like Prudential in supporting Malaysia's efforts to develop its Islamic financial services market.
Speaking at the launch, Tidjane Thiam said: “Prudential is one of Asia’s leading financial services institutions and this next stage of development for our asset management business is particularly significant as it enables us to leverage our strengths to support the development of an important and yet previously underserved sector of the economy.”
Mark Toh added: “With this new business we will be able to quickly extend the scope of our already successful operations to serve the growing international need for Islamic asset management and we intend to be one of this industry’s leaders.”
The business will be led by Zulkifli Ishak, Chief Executive Officer and Chief Investment Officer. Mr Ishak was previously Director of Shariah Investment at Prudential Fund Management Berhad, Prudential’s fund management business in Malaysia.
PRU Al-Wara’ will enhance Prudential’s existing Islamic finance platform, which includes nine Islamic mutual funds for retail investors and an additional range of onshore and offshore institutional mandates.
Prudential is also one of Asia’s largest writers of new business for Islamic insurance products, or takaful, with operations in Malaysia and Indonesia. At 30 September 2009, Prudential had RM1.5 billion (£267m) in Islamic funds under management in Malaysia.