Maybank kicks off end-to-end Islamic wealth management services in Singapore
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Maybank has the largest offering of syariah-compliant unit trust funds in Singapore.
ST PHOTO: KELVIN CHNG
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SINGAPORE - Maybank Singapore (Maybank) has become the first bank here to offer end-to-end Islamic wealth solutions for customers, following the launch of a regional offshore hub in the Republic on Nov 20.
The Islamic Wealth Management (IWM) hub, launched by Maybank’s parent company, Malaysia’s Maybank Group, offers solutions that support customers through their different life stages, including planning for wealth transfer for the next generation.
The bank has the largest offering of syariah-compliant unit trust funds in Singapore, at 13 funds. The term syariah-compliant is used in Islamic finance to denote that a financial product or service complies with the principles of syariah, or Islamic law.
“This IWM regional hub launch is a key milestone for Maybank as we make our mark as a global IWM leader,” said Maybank Group president and CEO Khairussaleh Ramli.
He added: “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.”
This comes as Islamic finance is rapidly gaining traction beyond Islamic jurisdictions, with Islamic wealth assets growing at the same pace as conventional wealth, according to Maybank. Offshore Islamic wealth businesses also offer great opportunities for financial players in South-east Asia, Maybank said.
According to the International Monetary Fund, global Islamic financial assets are estimated to have grown to over US$2 trillion (S$2.68 trillion) in the past decade alone.
Demand for Islamic banking is on an upward trend globally due to its values-based business model, highlighted Maybank head of group Islamic wealth management Anurag Mathur.
“The Asia-Pacific region accounts for 30 per cent of global high-net-worth individuals’ wealth, and roughly a quarter of all Islamic finance assets are concentrated in South-east Asia,” he said.
He added: “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.”
Senior Minister of State for Defence and Manpower Zaqy Mohamad, speaking at the Maybank Islamic Wealth Management launch event at The Capitol, said Singapore is a global wealth management hub which attracts customers across the affluent and high-net-worth segments, and empowers investors with access to Asean and beyond with global opportunities, including world-class wealth management capabilities.
“Offshore wealth flows constitute a major driving force for us as a global financial centre... with a rising class of sophisticated wealthy investors, we have seen a growing demand for alternative and purpose-driven investments such as sustainable investments and ethical-based Islamic wealth solutions,” he added.
