India’s Reliance Capital plans Islamic funds
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June 29 (Reuters) – A subsidiary of India’s Reliance Capital Asset Management will launch two Islamic funds in Malaysia by July and roll out products for retail investors in two years, a company official said on Tuesday.
Reliance, India’s largest asset management company, will launch a fund investing in Indian stocks next week and a quantitative global equity fund investing in the U.S., Europe and Asia in July.
Both funds would be managed out of Malaysia.
“The long-term objective is to target the retail sharia market in the region,” said Vikrant Gugnani, Reliance Capital’s international businesses CEO.
“We believe the retail story in Malaysia has yet to unfold and we want to be positioned well before to take advantage of (it).”
Reliance Capital Asset Management, which manages more than $33 billion, is part of financial services firm Reliance Capital (RLCP.BO). (Click on [ID:nISLAMIC] for more Islamic finance stories and ISLAMIC for a speed guide) (Reporting by Liau Y-Sing; Editing by Niluksi Koswanage)
Source: http://www.reuters.com/article/idUSSGE65S04U20100629
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