The Islamic Infrastructure Fund (IIF), Asia's first major multinational Islamic infrastructure fund, received an initial commitment of US$262 million from the Asian Development Bank (ADB), the Islamic Development Bank (IDB), CIMB Group and Standard Bank.
The ADB and the IDB contributed a total of $250 million, while CIMB, Malaysia's second largest financial services provider, and Standard, a leading African bank, provided $6 million each.
The IIF will make sharia compliant equity investment in emerging economies in Asia with significant infrastructure opportunities. The fund will focus primarily on Indonesia, Kazakhstan, Malaysia and Pakistan.
"As Asia seeks to claim a greater share of the world economic pie, heavy emphasis will be placed on its infrastructure development to facilitate sustainable economic growth," Dato' Sri Nazir Razak, group chief executive of CIMB, said in a statement.