Crescent Wealth, Australia's first Islamic wealth manager, is targeting a signifi-cant opportunity for its managed funds to attract investment from Malaysia, which is home to the world's second-largest Islamic funds market with about US$5 billion (RM15.65 billion) under management.
Crescent Wealth, which last month launched the first Islamic Australian equity fund, is pioneering Australia's potential to become a global hub for Islamic investing and tap into the A$1.4 trillion (RM4.52 trillion) global Islamic financial services market, the firm said yesterday.
Malaysia is Australia's third-largest Asean trading partner and a net investor in Australia with investments totalling A$8.6 billion (RM27.78 billion) in 2009.
The only Australian wealth manager currently with specia-list expertise in Islamic investing, Crescent Wealth, sees significant potential to partner with Malaysian institutions that are attracted to Australia's robust and burgeoning wealth management industry, which is Asia's largest with about A$1.8 trillion (RM5.81 trillion) in funds under management, the company said.
Crescent Wealth, which last month launched the first Islamic Australian equity fund, is pioneering Australia's potential to become a global hub for Islamic investing and tap into the A$1.4 trillion (RM4.52 trillion) global Islamic financial services market, the firm said yesterday.
Malaysia is Australia's third-largest Asean trading partner and a net investor in Australia with investments totalling A$8.6 billion (RM27.78 billion) in 2009.
The only Australian wealth manager currently with specia-list expertise in Islamic investing, Crescent Wealth, sees significant potential to partner with Malaysian institutions that are attracted to Australia's robust and burgeoning wealth management industry, which is Asia's largest with about A$1.8 trillion (RM5.81 trillion) in funds under management, the company said.
"Australia has one of the most sophisticated and respected wealth management industries in the world.
"Crescent Wealth is pioneering the significant growth opportunity for our industry to become a leading hub for Islamic investing, particularly in our own region where 62 per cent of the world's Muslims reside," said Talal Yassine, Crescent Wealth Founder and managing director.
With A$5.5 million (RM17.77 million) under its management and advice, Crescent Wealth launched the Crescent Australian Equity Fund (CAEF) on October 6, the first Australian fund that is managed in accordance with Islamic principles.
It is targeting the significant potential for Islamic funds in Australia, which it estimates will grow to as much as A$13 billion (RM41.99 billion) in funds under management by 2019 from a potential market of as much as A$8 billion (RM25.84 billion) today.
The CAEF will soon be followed by an international equities fund, a property fund and an income fund, which Crescent Wealth believes will be attractive to international investors looking for a socially responsible alternative to traditional investment strategies.
Crescent Wealth has received strong support from the wealth management industry and the Australian government seeks to boost its credentials as financial services hub in the Asia-Pacific region.
http://www.btimes.com.my/
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