ICD GROWS PMB TIJARI STAKE

Petaling Jaya : The Islamic Corporation for the Development of the Private Sector (ICD) has increase its stake in PMB Tijari Sdn Bhd to 33% to expand its venture into the syariah leasing business in Malaysia. ICD is a multilateral organization and part of the Islamic Development Bank group while PMB is an investment and asset management  company wholly owned by Majlis Amanah Rakyat. Pelaburan MARA Bhd (PMB) group CEO Nazim Rahman said ICD’s stake was only 10%, when PMB acquired PMB Tijari in January this year. Nazim said the increased equity reflects ICD’s confidence in the potential success of the partnership, and in the growth of the Malaysian economy.