Foreign Islamic fund managers given Malaysia go-ahead

KUALA LUMPUR - Malaysia's market regulator on Thursday approved three new foreign fund managers to start Islamic operations in the country.

The Securities Commission gave its nod to Aberdeen Islamic Asset Management Sdn Bhd, BNP Paribas Islamic Asset Management Sdn Bhd and Nomura Islamic Asset Management Sdn Bhd, the agency said in a statement.

The companies are already active in the conventional asset management market in Malaysia, the commission said.

Islamic finance shuns products related to pornography, alcohol or tobacco and is based on Muslim law.