Malaysia to launch world’s first Is­lamic ven­ture cap­i­tal fund

The Sun (Malaysia) - - SUNBIZ -

PUTRAJAYA: Plans to es­tab­lish the world’s first Is­lamic ven­ture cap­i­tal fund are in the fi­nal stage and it will be launched at the right time, said Trea­sury Sec­re­tary-Gen­eral Tan Sri Ir­wan Seri­gar Ab­dul­lah.

He said teams from the min­istry and Jed­dah­based Is­lamic De­vel­op­ment Bank (IDB) met twice to fi­nalise the struc­ture of the fund, spear­headed by Malaysia in col­lab­o­ra­tion with the IDB.

“Now it is a mat­ter of wait­ing for the right time to an­nounce, launch and go-to-mar­ket,” he told re­porters af­ter a brief­ing on the 11th In­ter­na­tional Con­fer­ence On Is­lamic Eco­nomics and Fi­nance (11th ICIEF) here yes­ter­day.

Also present was IDB di­rec­tor-gen­eral Prof Datuk Dr Mohd Azmi Omar.

Ir­wan Seri­gar said Malaysia is in talks for In­done­sia to join the ven­ture cap­i­tal fund, which will have an ini­tial size of US$100 mil­lion (RM411 mil­lion).

He said even with­out In­done­sia’s par­tic­i­pa­tion, Malaysia will still go ahead with the fund with IDB and Malaysia Ven­ture Cap­i­tal Man­age­ment Bhd.

The fund will be used to fi­nance start-up com­pa­nies not only in Malaysia but also in the re­gion and other Is­lamic coun­tries.

Ir­wan Sire­gar said the 11th ICIEF will bring to­gether aca­demi­cians and Is­lamic fi­nance prac­ti­tion­ers from 35 coun­tries. “We have a lot of waqf land and farm but it is not fully utilised. I hope this con­fer­ence can be a plat­form to dis­cuss on how to take our waqf pro­gramme and in­ni­tia­tive to the next level.”

The event, themed ‘Re­think­ing Is­lamic Eco­nomic and Fi­nance: Paving the Way For­ward for In­clu­sive and Sus­tain­able De­vel­op­ment’, will be held on Oct 11-13 in Kuala Lumpur. – Ber­nama

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