MIDF ... Oct 2008

It is close to signing a strategic partnership deal with a company based in the Gulf Cooperation Council (GCC) states, which will allow MIDF to further grow its asset management business. MIDF received approval from Bank Negara Malaysia in August and 2008 expects to seal the alliance by the year-end (2008).

The alliance will provide a broader spectrum for the group's asset management activities and is timely in the light of current stock market conditions.

MIDF intends to draw funds from the GCC states to Malaysia's equity market as Bursa Malaysia has more syariah-compliant stocks than the Middle East where investors are more accustomed to investing in real estate because of the limited number of syariah-compliant stocks.

MIDF was also interested in finding a strategic partner for its investment banking arm, MIDF Amanah Investment Bank Bhd.