BMB Group
Encyclopedia
The BMB Group Ltd is an investment and advisory services firm founded in 2004 to focus on the needs of Eastern investors. The Company has interests in real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...

, natural resources
Natural Resources
Natural Resources is a soul album released by Motown girl group Martha Reeves and the Vandellas in 1970 on the Gordy label. The album is significant for the Vietnam War ballad "I Should Be Proud" and the slow jam, "Love Guess Who"...

, wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...

, Islamic finance and philanthropy
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...

. Rayo Salahadin Withanage and Yang Amat Mulia Pengiran Anak Haji 'Abdul 'Ali Yil-Kabier of Brunei co-founded the Group. HRH Prince Khaled bin Alwaleed bin Talal bin Abulaziz al Saud, only son of HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud and HH Prince Bahar Bolkiah of Brunei are directors The Group is run as a commercial multi-family office of investors from the Middle East and Southeast Asia.

Business segments

The BMB Wealth Management division was founded as an Advisory Services firm to manage several portfolios on behalf of existing clients.

In 2008, The BMB Group acquired a 50% equity stake in the emerging markets private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....

 firm EMP Global LLC, based in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....

, which is run independently from the BMB Group. Established in 1994 by Moeen Qureshi, former Prime Minister of Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...

 and Vice President of The World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

, the firm launched a number of funds focused on China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...

, Southeast Asia
Southeast Asia
Southeast Asia, South-East Asia, South East Asia or Southeastern Asia is a subregion of Asia, consisting of the countries that are geographically south of China, east of India, west of New Guinea and north of Australia. The region lies on the intersection of geological plates, with heavy seismic...

, Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...

, Eastern Europe
Eastern Europe
Eastern Europe is the eastern part of Europe. The term has widely disparate geopolitical, geographical, cultural and socioeconomic readings, which makes it highly context-dependent and even volatile, and there are "almost as many definitions of Eastern Europe as there are scholars of the region"...

 and the Middle East
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...

, including the Islamic Development Bank infrastructure fund, launched in 2002.

BMB Islamic was formed in 2007 through the BMB Group's acquisition of the Islamic structuring and advisory team led by Dr. Humayon Dar
Humayon Dar
Dr Humayon Dar is an Islamic economist, transformational thinker, author, Sharia advisor and Islamic banking expert, focusing on how to create financial solutions that conform with Sharia law....

. The team was formerly with the Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...

 subsidiary Dar al Istithmar. BMB Islamic was responsible for the launch of the a Sharia-compliant NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...

 index in 2010. In 2009, BMB Islamic became the founding Shariah advisor for the International Zakat Organization
International Zakat Organization
The International Zakat Organization is an Islamic charitable initiative which focuses on the use of Zakat. Its aim is to work in the international Islamic community among the 56 member states of the Organisation of Islamic Cooperation and in the wider world to foster cooperation in economic,...

 (IZO), a global Zakat
Zakat
Zakāt , one of the Five Pillars of Islam, is the giving of a fixed portion of one's wealth to charity, generally to the poor and needy.-History:Zakat, a practice initiated by Muhammed himself, has played an important role throughout Islamic history...

 fund being developed by the Malaysian government and the Organisation of the Islamic Conference
Organisation of the Islamic Conference
The Organisation of Islamic Cooperation Upon the groups's renaming, some sources provided the English-language translation "Organisation of the Islamic Cooperation", but and have since indicated the preferred English translation omits the "the". is an international organisation consisting of 57...

. In 2010 the group launched the World Zakat Fund, part of an initiative by the Malaysian government, with Dr. Dar predicting growth of up to US$10 billion by 2020. BMB Islamic managed 65 percent of the funds, including investment in small and medium-sized enterprises and "social enterprises" such as hospitals and educational institutions. The remaining 35 percent is managed by IZO and used for immediate relief funding.

Executives

Rayo Salahadin Withanage is the chairman of BMB Group He was born in Lautoka
Lautoka
Lautoka is the second largest city of Fiji and the second largest in the South Pacific. It is in the west of the island of Viti Levu, 24 kilometres north of Nadi, and is the second port of entry in Fiji, after Suva. Lying in the heart of Fiji's sugar cane growing region, it is known as the Sugar...

, Fiji Islands,, and completed a Bachelor of Law (Cojoint) and a Bachelor of Arts (Cojoint) in May 2000 from the University of Auckland
University of Auckland
The University of Auckland is a university located in Auckland, New Zealand. It is the largest university in the country and the highest ranked in the 2011 QS World University Rankings, having been ranked worldwide...

before founding the BMB Group with H.H. Prince 'Abdul 'Ali Yil-Kabier a nephew of the Sultan of Brunei Royal Family in 2004.

External links

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