Anil Ambani group firm Reliance Capital Asset Management today announced appointment of Ian Lancaster as the CEO of its Malaysian subsidiary, which has been set up to tap the fast-growing market for products complying with Islamic law.
Lancaster, with over 20 years of experience, would lead Reliance Capital AMC's venture in Islamic asset management business through the recently set up subsidiary in Malaysia, a company statement said.
According to official estimates, global Shariah-compliant assets under management are projected to reach a size of one trillion dollars by the end of this year.
"Reliance Asset Management Malaysia Sdn Bhd will be our flagship venture in Islamic Asset Management business and a global hub for Shariah-compliant products for Reliance Capital. We are happy to announce the appointment of Lancaster as the CEO of this company," Reliance Asset Management (Malaysia) Sdn Bhd Director Vikrant Gugnani said.
Lancaster has worked for global companies like Axa Equity and Law, General Accident, SE Banken and Norwich Union in his earlier assignments.
He joins Reliance from Gulf Finance House, a Bahrain-based fund house where he was Head of International Equities and launched the UK's first Shariah compliant fund, the statement added.
Shariah-compliant companies cannot sell alcohol products or pork-related products, engage in gambling and accumulate or pay interest, among other things.