Malaysia gives out more Islamic fund licenses

Malaysia's Securities Commission has awarded three new foreign Islamic fund management licenses to Aberdeen Islamic Asset Management, BNP Paribas Islamic Asset Management and Nomura Islamic Asset Management. That brings to eight the total number of fund houses allowed to operate Islamic fund operations in the country.

The three fund houses already have a presence in the traditional asset management industry in Malaysia, as part of the five licenses issued under a special scheme announced in 2005 that allowed foreigners to gain access to the local market after eight years of strict capital controls.