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The SBI Holdings Inc of Japan has plans for rolling out an Islamic investment fund which is worth about $112 million by next year. It also has plans for setting up an online brokerage firm in India.
More than 50% of the revenues of SBI are generated via asset management and brokerage and investment banking businesses. This is the reason why SBI is giving a boost to these core segments by enhancing the investment in Asia's emerging nations.
Addressing the media at the Reuters Wealth Management Summit in Tokyo, SBI CEO Yoshitaka Kitao mentioned that the firm is interested in foraying into Islamic financial markets of Indonesia, Malaysia and the Middle East.
"The Islamic financial industry will likely keep growing, and we would like to play a part in that," Kitao said.
SBI plans to launch the Islamic fund in collaboration a partner, who will be holding equal stake in the same.
"We would like to invite other investors once the fund is up and running," Kitao added.
