2nd June, 2011
KUALA LUMPUR: Bank Muamalat Malaysia Bhd has teamed up with TAEL Partners, an Asean-based investment management firm, to set up a new Islamic fund in Labuan, TAEL Tijari L.P.
In a statement yesterday, Bank Muamalat said the agreement was signed between its Labuan Offshore branch and TAEL One, with both making a commitment totalling US$100 million to a US dollar-denominated sukuk issuance programme.
Bank Muamalat said the proceeds from the programme would be channelled to TAEL Tijari to fund its investments.
“TAEL Partners and Bank Muamalat will be tapping other offshore-qualified investors to raise the size of the sukuk programme over time,” it said.
Bank Muamalat’s chairman, Tan Sri Dr Munir Abd Majid, said the bank’s participation in this venture represented a step forward in diversifying its activities, not only in traditional Islamic banking, but also towards mezzanine or credit-backed funding arrangements on a regional scale.
“It will further enable us to tap on the regional footprint offered by TAEL Partners, which currently has a presence in major capital cities in the Asean region including Kuala Lumpur, Singapore, Jakarta and Bangkok,” he said.
TAEL Tijari is expected to commence operations this month and it will undertake syariah-compliant investments primarily comprising the provision of mezzanine/credit-backed funding arrangements and financing solutions to businesses and corporations in South-East Asia.