The Aussie firm is looking to gain business from established Islamic financial markets in Asia.

Australian Islamic fund manager Crescent Wealth has appointed Malaysian asset manager CIMB Principal Islamic to help run its cash fund, the only sharia-compliant product currently available in the country, Reuters said.

The new partnership is a strategic plan from Crescent Wealth to attract investors from established Islamic financial markets in Asia.

“This will help cater to Asian investors who are increasingly allocating funds to Australia’s property and equity markets,” said Talal Yassine, managing director of Crescent Wealth. “We have been building new strategic partnerships as we explore growth opportunities locally, in Southeast Asia and the Gulf region.”

The newswire said that "Crescent also plans to draw more business from institutional clients in the Gulf region through segregated mandates, which typically range in size between $25 million and $100 million".

CIMB Principal Islamic is a joint venture between Malaysian bank CIMB Group and US-based Principal Financial Group.

Crescent was launched in 2011. It has more than A$60 million ($45 million) in assets under management.

This publication has contacted both firms to comment on the partnership, and will update in due course.