• Published on 20 November 2023
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Maybank launches Islamic wealth management hub in Singapore

Maybank Group today launched its Islamic wealth management (IWM) regional offshore hub for solutions via Maybank Singapore, extending its IWM position beyond Malaysia and Indonesia.

This is aligned with Maybank Group’s M25+ Strategy to achieve global leadership in Islamic finance especially in Islamic wealth management. Maybank Group’s Islamic banking arm, Maybank Islamic Berhad, is the fifth largest Islamic bank by assets globally at more than $67 billion in 2022.

Maybank Singapore (Maybank) is now the first bank in Singapore to offer end-to-end Islamic wealth solutions for customers through their different life stages, including planning for wealth transfer for the next generation. These solutions are aligned to the five IWM pillars – wealth creation, accumulation, preservation, purification and distribution.

As a leading Islamic bank, Maybank offers customers a full suite of Islamic wealth solutions to access beyond conventional wealth management options. In Singapore, Maybank has the largest offering of Shariah–compliant unit trust funds, at 13 funds. Singapore has been identified as the group’s IWM regional offshore hub as it is an established financial hub for wealth management.

As IWM solutions are values-based and sustainable at its core, an increasing demand in alternative and purpose-driven investments such as sustainable investments and Islamic wealth make these offerings attractive to customers of all backgrounds.

Khairussaleh Ramli, president and CEO of Maybank Group, said that the group remains steadfast in advising its customers to realise their investment goals and wealth potentials via suitable Islamic banking solutions that are centred on practices that are values based. This demand is spurred by continuous innovation in the Islamic banking industry to offer more Shariah-compliant products, as well as a growing interest in sustainable investing.

“This IWM regional hub launch is a key milestone for Maybank as we make our mark as a global IWM leader. Maybank Singapore is well positioned to leverage these strengths to grow the IWM business, while being supported by our highly experienced expertise from Malaysia built over the years.”

Islamic finance is rapidly gaining traction beyond Islamic jurisdictions, with Islamic wealth assets growing at the same pace as conventional wealth. Offshore Islamic wealth business offers great opportunities for financial players in Southeast Asia. According to the International Monetary Fund (IMF), global Islamic financial assets are estimated to have grown over $2 trillion in the past decade alone.

Anurag Mathur, head of group Islamic wealth management at Maybank highlighted that demand for Islamic banking is on an upward trend globally due to its values-based business model.

“The Asia Pacific region accounts for 30% of global high net worth individuals’ wealth, and roughly a quarter of all Islamic finance assets are concentrated in Southeast Asia. Affluent individuals in the region are seeking more sophisticated wealth solutions including Islamic investments, protection and financing. They are also subscribing to Islamic wealth solutions such as ethical investing, philanthropy and succession planning in line with their values. With Singapore as the IWM hub for the Maybank Group, we are in a strong position to serve our onshore and offshore customers with our complete suite of Islamic wealth solutions in the market.”

Re-disseminated by The Asian Banker