First bank in the city-state to offer end-to-end Islamic wealth solutions.
Maybank Group launched its Islamic Wealth Management (IWM) regional offshore hub for solutions via Maybank Singapore on Monday evening. It 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. This initiative 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 5th largest Islamic bank by assets globally at more than $67 billion in 2022.
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. that the Group remains steadfast in advising its customers to realize their investment goals and wealth potentials via suitable Islamic banking solutions that are centered on values-based practices.
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.
Rapidly Gaining Traction
«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,» Maybank Group President and CEO, Dato’ Khairussaleh Ramli said.
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.