Prudential Launches Islamic Asset Management Business In Malaysia
04 November 2009
Prudential plc announced today the launch of Prudential Al-Wara' Asset Management Berhad (PRU Al-Wara'), its 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 of Prudential plc; 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.
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 (approximately 267m) in Islamic funds under management in Malaysia.
In 2007, Prudential launched a fund management business in the Dubai International Finance Centre, serving as Prudential's distribution base for the Middle East region.
Note to Editors:
About Prudential Al-Wara' Asset Management Berhad
Prudential Al-Wara Asset Management Berhad (PRU Al-Wara') is the Islamic asset management business of Prudential Corporation Asia. Established in 2009 and headquartered in Malaysia, PRU Al-Wara' is responsible for managing Shariah compliant assets on behalf of retail and institutional investors, as well as onshore and offshore institutional mandates.
About Prudential Corporation Asia
Prudential Corporation Asia comprises the life insurance, asset management and consumer finance operations of Prudential plc* in Asia. Our businesses span 13 markets, covering Mainland China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam and the United Arab Emirates.
We are the leading Europe-based life insurer in terms of market coverage and number of top three positions, and have more than 425,000 employees and agents across the region.
Our asset management business is also one of Asia's largest and most successful, with operations in ten markets and 42.2 billion in assets under management (at 30 September 2009). We manage funds on behalf of a wide range of retail and institutional investors, including life and pension products sold by Prudential, and hold more top five domestic mutual fund market positions than other regional players in Asia.
*Prudential plc, incorporated and with its principal place of business in England, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 160 years and has 245 billion in assets under management (as at 30 June 2009). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.