Maybank opens Islamic wealth management hub in Singapore
It will offer end-to-end Islamic wealth solutions.
Maybank Group has unveiled an Islamic Wealth Management (IWM) regional offshore hub in Singapore.
This makes Maybank the first bank in the Lion City to offer end-to-end Islamic wealth solutions.
Services offered are aligned with the bank’s five IWM pillars: wealth creation, accumulation, preservation, purification, and distribution.
Even before the launch of the offshore hub, Maybank already offers the largest number of Shariah-compliant unit trust funds in Singapore, at 13 funds.
Maybank Group President & CEO Dato’ Khairussaleh Ramli said that the new IWM regional hub launch is a key milestone for Maybank in its bid to become 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,” Ramli said.
Maybank Head of Group Islamic Wealth Management, Anurag Mathur noted that the new hub puts Maybank in a strong position to serve customers and take advantage of the growing demand for Islamic banking services.
“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,” Mathur noted, adding that these individuals 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,” Mathur added.