MALAYSIA - FINANCE - Malaysia's pension reform may boost Islamic funds

www.reuters.com - SYDNEY, July 23 (Reuters) - Malaysians will have more room to allocate part of their retirement contributions to Islamic investments under sweeping government reforms to the pension system.
At present, the Employees Provident Fund (EPF) receives public pension contributions and invests the money. Some of that investment is in sharia-compliant areas such as sukuk and halal stocks, but contributors have limited scope to ensure the money is being used that way. A maximum 20 percent of savings can be placed through the EPF into a single mutual fund.  (full story)

AUSTRALIA - FUNDS - Crescent Wealth to launch Australia's 1st Islamic pension fund

www.reuters.com - (Reuters) - Australian fund manager Crescent Wealth plans to launch the country's first Islamic pension fund by December and allocate between 15 to 30 percent of it in property, its managing director said.
Talal Yassine said Crescent Wealth hopes to build the fund to between A$4 billion ($4.03 billion) and A$6 billion in five years.
Crescent Wealth, which was established last year, currently has less than A$5 million under management and advice but Yassine expects strong growth for his fund due to a lack of available Shariah-compliant financial products in Australia.  (source)

INDONESIA - BANKING - Muamalat: Pension Fund of Funds under management reached Rp329, 95 billion

www.bisnis.com - JAKARTA: The total investment fund Pension Fund Indonesia Tbk, PT Bank Muamalat reach Rp329, 95 billion in 2011, grew 23.62% from Rp266, 89 billion a year earlier.

Based on the financial report published today (12/6), DPLK Muamalat allocate the majority of investment funds on deposit portfolio amounting to Rp279, 10 billion (84.58%). The remaining portfolio of mutual funds of Rp20, 48 billion (6.2%), shares of Rp20 billion (6.06%), sukuk Rp7, 36 billion (2.23%), and deposits on call Rp3 billion (0.9%).

Pension fund investments recorded a net income Rp23, 14miliar, grew 11.03% from Rp20, 84 billion.  (source)

AUSTRALIA - TAX - A Super IF opportunity: Shari'ah-based superannuation is there for the taking

Australia unveiled its new annual budget amidst a soaring currency and rising prices. Of significance to the Islamic finance market is the submission of the final report that recently went to the Board of Taxation to help create the IF an equal footing, tax wise, with conventional banking, creating an infrastructure that does not penalise in any way Shari'ah-compliant institutions or products.  (source)