Makkah : The Islamic Corporation for the Development of the Private Sector (ICD) has increased its stake in PMB Tijari Sdn Bhd to 33 per cent to expand its venture into Shariah leasing business in Malaysia, said Pelaburan MARA Berhad (PMB) Group Chief Executive Officer 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 a financial services company is very much linked to the growth and depth of the private sector in Malaysia. When PMB acquired PMB Tijari in January (this year), ICD stake was only 10 per cent,” said Nazim, adding that the PMB’s newly-rebranded financial services arm was formerly known as KFH Ijarah House (Malaysia) Sdn Bhd.
“The Institutional support provided by both PMB and ICD would allow PMB Tijari to grow beyond the local market and we hope to tap of the resources of both parties to realize this objective, ” he 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 (MARA).