OUM
Westports Maritime
Public Bank

May 20, 2009 17:01 PM

Islamic Venture Capital Needs To Be Nurtured

KUALA LUMPUR, May 20 (Bernama) -- Islamic venture capital, a sub-sector of Islamic finance, needs to be nurtured going forward as it is still new in the country.

The Deputy Minister of Finance, Senator Datuk Dr Awang Adek Hussin said to date, only a fund has been set up by Malaysia Venture Capital Management Bhd (MAVCAP) under its outsource programme.

"Islamic venture capital is still new in Malaysia. We hope more companies will become involved in the industry going forward," he told reporters after officiating the Second Islamic Venture Capital and Private Equity Conference 2009 here today.

Awang Adek said Islamic venture capital could be lucrative not only for investors but also for the overall advancement and development of economic and innovative activity.

He said the industry offers an opportunity for investors to diversify their portfolios and strategise their funds.

"By providing funds to budding entrepreneurs with sound ideas, Islamic venture capital can help to promote innovation, job creation and the development of high growth industries," he said.

-- BERNAMA

We provide (subscription-based) 
news coverage in our Newswire service.