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Principal Forms Islamic Asset Joint Venture

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A U.S. financial services company is joining with a Malaysian company to sell financial services that are compatible with Islamic law and Islamic traditions.

Principal Financial Group Inc., Des Moines, Iowa, has joined with CIMB Group, a unit of Bumiputra-Commerce Holdings Berhad, Kuala Lumpur, Malaysia, to start CIMB-Principal Islamic Asset Management Sdn Bhd, Kuala Lumpur.

The venture will manage and distribute Islamic institutional mandates and unit trust funds in Asia, Europe, the Americas and the Middle East, Principal says.

CIMB Group is the largest investment bank in Southeast Asia and runs the second largest retail bank in Malaysia.


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