By Peter Guest
Des Moines, Iowa seems an unlikely headquarters for a major player in the Asian Islamic funds market, but Principal Global Investors, through its long-standing joint venture with Malaysia-based CIMB, has ambitions to tap into the massive demand in Asia-Pacific for shariah-compliant products.
Having achieved a critical mass within Islamic accounts in their existing conventional business, the partners came to the conclusion there was a role for an Islamic specialist, according to Jim McCaughan, chief executive. “At the same time, the Malaysian government, under the Malaysian Islamic Financial Centre, has introduced certain incentives to try to make Kuala Lumpur into a centre for Islamic finance, including Islamic asset management,” he says. For the entire article (requires registration) go here.