UCITS tapped for Islamic funds distribution
Potential for marketing Islamic funds cross-border in the Asia-Pacific and Asean is starting to be seen through the UCITS (undertakings for collective investment in transferable securities) platform. Despite the fact that it has already been used in Europe, it's the first time that it's being used in this region.
On January 16 2012 Kuala Lumpur-based CIMB declared the launch of three Islamic UCITS funds designed for cross-border distribution in Asia.
These funds will be registered and allocated in seven jurisdictions including the UK, Switzerland, Germany, Saudi Arabia, Bahrain, the United Arab Emirates and Singapore.
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