Mirae Asset Global Investments Launches New Sharia-Compliant Asian Equity UCITS Fund

Nov 23 2016 | 4:48pm ET

Mirae Asset Global Investments has launched its inaugural sharia-compliant Asian equities fund that will invest in sharia-compliant companies in the Asia ex-Japan region.

The Hong Kong-based money manager, a unit of South Korea’s Mirae Asset Financial Group, established the new UCITS-compliant fund to address demand from Islamic investors in the Middle East and Southeast Asia and thereby also widen its client base in the region. 

The new fund will be domiciled in Luxembourg as part of Mirae’s Global Discovery Fund SICAV, according to a Reuters article, and will be registered in a number of selected countries.

Although the Islamic funds sector has waned in recent years following a sharp rise in popularity, regional firms are using the segment as a method to widen appeal in traditionally Islamic nations in the Middle East but also Southeast Asia countries such as the Philippines, Indonesia and Malaysia, all of which have substantial Muslim populations. 

Mirae Asset Financial Group was founded in 1997 in the wake of the Asian currency crisis. It has expanded in recent years to include a global asset management capability with offices in 12 countries on 5 continents. The firm’s asset management arm manages more than $100 billion in assets across alternative investment strategies, mutual funds and ETFs.

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