International Adviser

#Malaysian insurers to target Europe in Islamic finance push

Malaysia’s Islamic insurers are considering a move into Europe by targeting the continent’s growing Muslim population. Amat Taap Manshor, chief of the Financial Accreditation Agency (FAA), said it may not happen right away but a lot of Islamic insurers are looking to target the Muslim middle classes in the UK, Germany and France. Manshor made the comments during the signing of a memorandum of collaboration between the FAA and the British accreditation council (BAC). The partnership hopes to offer financial services globally accredited courses in Islamic finance.

Shariah-focused independent wealth organisation opens in Dubai

The Shariah-focused independent wealth organisation Mahal Thqa has opened in Dubai. The firm is a joint venture between Middle Eastern financial consultants Mondial and US-based venture capital organisation Shariah Capital. It will be lead by chief executive Sadi Hassouneh and will focus on the Middle East’s Arabic-speaking population offering Islamic investment solutions and fund alternatives. Thqa’s investment approach will be based on protecting and growing its client’s capital over the medium-to-long-term and seeks to avoid the “boom-and-bust” results associated with specific asset class risk.

Three largest advisers in UAE revealed: survey

According to the latest study of strategic consultancy Insight Discovery, the number of advisers in the UAE is as high as 3,700. This is far beyond any expectations and indicates a surfeit of advisers. The total number constitutes of 1,050 independent financial advisers, 650 private bankers from international and local banks, and about 2,000 advisers from UAE banks. The study also stresses on the need to increase regulatory approval and supervision of advisers. The three largest independent adviser companies are said to be Nexus, de Vere’s, and Globaleye’s 80.

Barwa Bank launches first ever fund

Barwa Bank announced it has launched its first collective investment scheme 'The First Investor GCC Equity Opportunities Fund', which is managed by The First Investor, a subsidiary of the 100% Shariah compliant Barwa bank. The main objective of the fund will be to achieve long-term capital growth through investing in a broadly diversified portfolio of equities and equity-related securities listed on GCC markets.

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Saudi Arabia regulator surprises Gulf with 'hostile' warning to non-licenced firms

Capital Market Authority (CMA) of Saudi Arabia issued a strongly worded warning towards companies that operate without a license, thus surprising many people in the Gulf region. In the warning notice CMA states that non-licensed operations will be sanctioned since they are considered violating the relevant provisions of the capital market law and its implementing regulations. The problem that rises from this warning is obtaining a licence to operate in Saudi Arabia. For this purpose, an office and a minimum number of staff are required.

Dublin welcomes first Malaysian asset manager

According to the IFIA, CIMB-Principal Islamic Asset Management has become the first Malaysian firm to launch funds from Dublin. Thus it is reinforcing the position of the domicile as Europe's leading funds centre. The start of the CIMB-Principal Islamic Irish Ucits fund range follows the constitution of CIMB-Principal Islamic Asset Management (Ireland).

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