Makkah : The Islamic Corp for the Development of the Private Sector (ICD) has increased its stake in PMB Tijari Sdn Bhd to 33% to expand its venture into syariah leasing business in Malaysia, said Pelaburan Mara Sdn Bhd (PMB) group chief executive officer (CEO) Nazim Rahman.
“The increase equity reflects ICD’s confidence in the potential success of the partnership, and in the growth of the Malaysian economy given that the success of PMB Tijari as financial services company is very much linked to the growth and depth of the private sector in Malysia. When PMB acquired PMB Tijari in January (this year), ICD’s stake was only 10%. The Institutional support provided by both PMB and ICD will allow PMB Tijari to grow beyond the local market and we hope to tap of the resources of both parties to realize this objective. ” Nazim told Bernama.
ICD is a multilateral organization and part of the Islamic Development Bank (IDB) Group while PMB is an investment and asset management company wholly-owned by Majlis Amanah Rakyat. PMB and ICD signed the shareholder agreement for the newly-rebranded PMB Tijari at the conclusion of the IDB group’s board of governors annual meetings in Jeddah last Thursday.
At the signing, ICD CEO Khaled Al-Aboodi said Malaysia was a key partner and ICD hope to scale up its cooperation with the Malaysian government and the private sector. Khaled said apart from its direct equity investment in the joint-venture company, ICD was also bringing in its affiliate, Bahrain-based global leasing technical partner Ijarah Management Co (IMC), to provide technical assistance and the necessary tools to PMB Tijari.
Apart from Malaysia, IMC which was established in 2011, operates in more than seven leasing companies globally, including the Commonwealth of Independence States, the Middle East and North Africa and West African countries, he said. PMB Tijari CEO Tengku Ahmad Badli Shah Raja Hussin said the company specialised in the commercial sector of the Islamic financial services, which included syariah-compliant financial solutions such as leasing, business financing and vehicle financing. “The all new PMB Tijari is set to offer the most competitive and innovative syariah-compliant financing services in the industry,” he added.