Japan's SBI and Brunei government form fund
Japanese financial group SBI Holdings Inc., has agreed to launch an Islamic investment fund of unconfirmed size with the Ministry of Finance of Brunei Darussalam, with investments to be made from Brunei Global Islamic Investments, operated by a new fund manager based in Brunei.
The fund manager is expected to manage private equity funds including shariah-compliant vehicles. Funds will make shariah-compliant investments into various companies, mainly in Asia which have sound financials, clear potential for achieving above-average growth and profitability, and are led by capable management, according to SBI. The Brunei government is trying to diversifying its economy away from the oil and gas sector, while developing its financial services sector and establishing itself as a regional financial hub.
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