SBI Holdings, Inc. (SBIH) of Japan and the Ministry of Finance of Brunei Darussalam through its investment vehicle Brunei Global Islamic Investments Sendirian Berhad have agreed to jointly establish a fund management company, which will be incorporated in Brunei under the Brunei Companies Act, Cap. 39 and licensed as a fund manager under the Mutual Funds Order, 2001.
The fund management company is expected to manage private equity funds including funds that are Shariah-compliant. Potential 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.
The establishment of the fund management company is in line with Brunei Darussalam’s objective of diversifying its economy away from the oil and gas sector while developing its financial services sector and establishing itself as a regional financial hub. It is also hoped that the company will create employment opportunities for qualified Bruneians in the financial services sector.
SBIH has been rapidly expanding its businesses in the emerging countries with high potential for growth through the launching of joint venture funds with prominent overseas partners. As the centre and gateway to the Islamic world in South-East Asia, Brunei Darussalam is surrounded by various opportunities to grow further and diversify the economy. The new fund management company in Brunei would enable SBIH to build broader, stronger networks with promising partners and investment pipelines in the Islamic world.
For further information, please contact:
Tel: +813 6229 0126
SBI Holdings, Inc. (Corporate Communications Dept.)