KUALA LUMPUR: Maybank Islamic Bhd has launched its comprehensive Islamic wealth management (IWM) solutions encompassing wealth creation, accumulation, protection, purification, and distribution.
Under the IWM solution, the bank will provide a single touchpoint for its customers’ wealth management requirements as they progress through life.
From shariah-compliant accounts and fixed deposits services, investment products, takaful, zakat and waqf contributions to estate planning – these will all be under one roof within the Maybank Group.
Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican said this launch is not limited to only bank customers who, based on their faith and lifestyles, prefer a shariah-compliant offering.
“We intend to provide the customer with a choice, should a conventional wealth management solution not fulfil their needs.
“Central to this is our emphasis on the purification of our customers’ wealth.
“While they can use our digital platform to pay their zakat, contribute to a cash waqf and donation, our advisors can also assist them to manage income earned from various sources and its purification,” said Rafique.
The IWM solution is open to new and existing customers who maintain a minimum of RM50,000 worth of investable assets with the bank.
Maybank Islamic is one of Asean’s leading Islamic banks and aspires to become a leader for IWM solutions.
Over the next few years, backed by the larger Maybank Group, it plans to develop this business in two other Maybank home markets: Indonesia and Singapore.
For Maybank Islamic, the past five years has seen its total financial assets (TFA) and the number of customers in the high net worth, affluent and emerging affluent segments growing an average of between 16 per cent to 18 per cent, respectively.
These segments now represent 45 per cent of both the overall Maybank Group TFA and the number of customers.
Currently, Islamic assets under management (AUM) for the three segments of customers stands at RM46 billion, and the bank is targeting to grow this to RM50.2 billion by the end of this year.
The launch of Maybank Islamic IWM helps meet the growing demand for Shariah-compliant investments and solutions in the country.
According to the Securities Commission Malaysia, in 2020, the overall AUM in Malaysia grew 10 per cent to RM905.5 billion, driven by Islamic AUM with a growth of 20 per cent, to RM216.80 billion.
Source: New Straits Times
