PMB Tijari Focuses on Islamic Finance.

Putrajaya: Tan Sri Muhyiddin Yassin launched PMB Tijari Berhad, a new subsidiary of Pelaburan MARA Berhad (Pelaburan MARA), which will focus on Islamic financial services. The Deputy Prime Minister also witnessed the signing of the Shareholders’ Agreement for PMB Tijari Berhad between Pelaburan MARA and the Islamic Corporation for the Development of the Private Sector (ICD), a subsidiary of the Islamic Development Bank (IDB) Group based in Jeddah, Saudi Arabia.

Muhyiddin stated that the agreement allows ICD to hold approximately one-third of PMB Tijari's equity. This reflects ICD’s confidence in continuing to invest in Malaysia, a member country of the Organisation of Islamic Cooperation (OIC), in line with ICD’s policy of supporting the development of Islamic financial markets and capital in member countries.

New Initiative This also signifies ICD's confidence in Pelaburan MARA, as ICD's investment stake has increased from 10 percent before PMB Tijari was taken over by Pelaburan MARA to 33 percent after the agreement. "I hope that with ICD and IDB's network, PMB Tijari will be able to expand its services not only in Malaysia but also across the 55 OIC member countries," he said during the Relaunch of Pelaburan MARA Berhad’s Corporate Identity and the Launch of PMB Tijari Berhad yesterday.

Additionally, Muhyiddin mentioned that many new initiatives have been introduced by Pelaburan MARA, in line with the MARA Transformation Plan 2011-2015. "This is now evident through the internal fund investment returns, which reached nearly 13.5 percent in 2013," he said.