Maybank Group Unveils Islamic Wealth Management Hub in Singaporeby Fintech News Singapore November 21, 2023
Maybank Group has officially launched its Islamic Wealth Management (IWM) regional offshore hub in Singapore. This marks a significant expansion of the group’s Islamic wealth services, which previously operated primarily in Malaysia and Indonesia.
Maybank Singapore claims that it is the first bank in the city-state to provide comprehensive Islamic wealth management solutions.
These services cater to various customer needs, including wealth transfer planning for future generations, and encompass five key areas; wealth creation, accumulation, preservation, purification, and distribution.
The increasing demand for sustainable and values-based investment options, such as those offered in Islamic wealth management, is attracting a diverse client base.
According to Maybank, the bank has the largest selection of Shariah-compliant unit trust funds, with 13 funds available in Singapore.
Maybank Group’s President and CEO, Dato’ Khairussaleh Ramli said,
“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.”
Anurag Mathur, Head of Group Islamic Wealth Management, Maybank said,
“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.”