By Bernardo Vizcaino | SYDNEY
Aug 1 (Reuters) – Australian fund manager Crescent Wealth said on Monday it had launched an Islamic property fund in Malaysia alongside KAF Investment Funds Berhad, aiming to tap one of the largest markets for sharia-compliant financial products.
The launch comes as Islamic finance is making inroads in non-traditional markets such as Australia, where the government recently proposed removing tax barriers to such asset-backed financing arrangements.
Crescent Wealth, established in 2011, opened an office in Malaysia last year seeking to widen its customer base and is aiming to replicate this approach in other markets.
“Malaysia is a global centre for Islamic finance. Our success here will build a strong precedent for other markets,” said Talal Yassine, managing director of Crescent Wealth.
“We continue to build our plans to launch similar collaborations in the United Arab Emirates, Brunei, South Africa and Indonesia.”