OSK-UOB IFM TO LAUNCH EQUITY-BASED AND ASEAN-CENTRIC ISLAMIC FINANCIAL PRODUCTS

KUALA LUMPUR, June 29 (Bernama) -- OSK-UOB Islamic Fund Management Bhd
(OSK-UOB IFM) intends to launch equity-based and Asean-centric Islamic financial
products initially before moving more sophisticated unit trust funds.

The company, which was recently granted the Capital Markets Services Licence
by the Securities Commission to carry out Islamic fund management business
activities, will offer products like Syariah-based equity funds, balanced funds,
sukuk funds, money market funds, feeder funds and index funds.

OSK-UOB IFM is the Islamic joint venture entity between UOB Asset Management
Ltd (UOBAM) and OSK-UOB Unit Trust Management Bhd (OSK-UOB UTM).

"Malaysia was selected as the base for the Islamic joint venture as it is
one of the world's leading Islamic finance hubs, home to the largest Islamic
banking assets with a current value of US$86 billion and accounting for 63 per
cent of global sukuk issued since 2006," OSK-UOB IFM said in a statement
Tuesday.

"We are happy to partner an established asset manager like UOBAM and we hope
to grow OSK-UOB IFM into a leading Islamic finance asset manager for retail and
discretionary investment mandates over time," said OSK-UOB UTM chief executive
officer Ho Seng Yee.

UOBAM managing director and group chief investment officer Thio Boon Kiat
said through the partnership, by leveraging on the well-established asset
management and distribution network capabilities, both parties will be able to
scale up their resources and commitment to offer a wider, comprehensive and
innovative set of Islamic investment solutions.

-- BERNAMA