CIMB-Principal Asset Management Bhd (CIMB-Principal) signed a Letter of Arrangement and Operating Memorandum with RUSD Investment Bank Inc (RUSD) recently. Based in Labuan, RUSD will be creating two new funds, domiciled in Labuan, for distribution to their clients in the Middle East.

A breakthrough that has been in development for almost two years, the two newly set-up funds will feed into CIMB Islamic Asia Pacific Equity Fund and CIMB Islamic DALI Equity Growth Fund which are both Malaysian-based funds managed by CIMB-Principal.

Speaking at the signing ceremony held earlier, Campbell Tupling, chief executive of CIMB-Principal said: “These funds represent the first collaboration between CIMB-Principal and RUSD.

A deal: Tupling (left) exchanging documents with Naseeruddin in Kuala Lumpur recently.

“By combining CIMB-Principal’s award-winning expertise in the Malaysian and Asia Pacific (ex Japan) markets and RUSD’s innovative successes in the Islamic financial market and network in the Middle East, we are able to offer Middle East investors access to investments in both markets while still meeting Syariah requirements.”

Chief Executive Officer of RUSD Investment Bank Naseeruddin Ahmed Khan, who inked the agreement for RUSD, said: “RUSD Investment Bank is geared, committed and dedicated to becoming a leader in modern Islamic finance by developing competitive solutions that are Syariah-compliant and are alternatives to conventional financial instruments and investment products.

This partnership will help us to achieve our goal to exceed the expectations of our sophisticated clients based on their needs. We have grown into an entity with a unique business model, and a strong network in the GCC countries and the larger Middle East region, as well as in South-East Asian countries like Malaysia.”

Incorporated in August 2002, RUSD Investment Bank obtained its licence in February 2003 and is regulated by the guidelines set by the International Business & Finance Centre (IBFC), one of the leading regulatory bodies in the Asia Pacific. It offers a new facet of Islamic investment and financial services, in not only traditional asset management products, private placements, financial advisory services but also Islamic Trusts.

The agreement with RUSD is another feather in CIMB-Principal’s cap, which was recently awarded the Best Asset Manager in Southeast Asia at the Alpha Southeast Asia Awards 2012 for the third consecutive year and was recognised for its widest range of market relevant products and investment options, including professional and prudent approach to asset management.

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