Terengganu Investment Authority

Ashby Monk

The oil-rich sultanate Terengganu, within Malaysia, is raising money through the issuance of Islamic medium term notes to fund its new SWF: the Terengganu Investment Authority. Apparently, TIA already has some investments in mind:

“TIA chief executive officer and former executive partner at Accenture, Shahrol Halmi, said the fund had identified several strategic partners and would team up with well-known sovereign wealth funds for these projects, which include regional and international projects that have “positive spillover benefits” to the state.”

Governance issues plagued the process of setting up TIA, as both industry and government stakeholders worried about how such a large sum would be managed and governed. Significantly, it appears these governance issues have been resolved (or at least addressed):

TIA will “incorporate a triple-tier check and balance system comprising the board of directors (representatives from the three stakeholders who cannot hold positions in the Government or occupy any political positions), a board of advisers (to include “international eminent persons”) and a senior management team which will have a “mix of experienced, prominent local and international individuals”.”

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This website is a project of Professor Gordon L. Clark and Dr. Ashby Monk of the School of Geography and the Environment at the University of Oxford. Their research on sovereign wealth funds is funded by the Leverhulme Trust and The Rotman International Centre for Pension Management.

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