Japan holdings firm plans Islamic fund
Tokyo, October 6, 2009
Japan-based SBI Holdings plans to launch an Islamic investment fund worth $112 million as early as next year and to set up an online brokerage firm in India, the financial services conglomerate's CEO said.
SBI, which generates about half its revenues from asset management as well as from its brokerage and investment banking business, plans to shore up these core segments by accelerating investment in Asia's emerging countries.
Speaking to reporters at the Reuters Wealth Management Summit in Tokyo, SBI CEO Yoshitaka Kitao said the company is keen to expand its presence in Islamic financial markets such as Indonesia, Malaysia and the Middle East.
"The Islamic financial industry will likely keep growing, and we would like to play a part in that," Kitao said.
The Islamic fund, expected to be held equally with another partner, would initially be formed with about 10 billion yen ($112 million).
"We would like to invite other investors once the fund is up and running," Kitao added. – Reuters