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Maybank becomes first bank in Singapore to offer end-to-end Islamic wealth solutions

Bryan Wu
Bryan Wu • 3 min read
Maybank becomes first bank in Singapore to offer end-to-end Islamic wealth solutions
Maybank Executives and Singapore's Senior Minister of State Zaqy Mohamad at the launch of Maybank Islamic Wealth Management. Photo: Maybank
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Maybank Group has launched its Islamic Wealth Management (IWM) regional offshore hub for solutions via Maybank Singapore on Nov 20, extending its IWM position beyond Malaysia and Indonesia.

Maybank Singapore 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 with the five IWM pillars – wealth creation, accumulation, preservation, purification and distribution.

The launch is positioned in line with Maybank Group’s M25+ Strategy to achieve global leadership in Islamic finance, and especially in IWM. Maybank Group’s Islamic banking arm, Maybank Islamic Berhad, is the fifth-largest Islamic bank by assets globally with more than US$67 billion ($89.8 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. 

According to Maybank, Singapore has been identified as the group’s IWM regional offshore hub given that 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,” says Maybank in its press release.

See also: Olam Agri secures inaugural US$625 mil Shariah-compliant financing facility

Maybank’s head of group IWM Anurag Mathur adds 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,” says Mathur.

 

See also: Winds of change

Maybank Group president and CEO Khairussaleh Ramli notes 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.

According to Maybank, Islamic finance is rapidly gaining traction beyond Islamic jurisdictions, with Islamic wealth assets growing at the same pace as conventional wealth. For instance, data from the International Monetary Fund (IMF) shows that global Islamic financial assets are estimated to have grown over US$2 trillion in the past decade alone.

As such, Maybank says offshore Islamic wealth business offers great opportunities for financial players in Southeast Asia. “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 has won the top awards at The Asset Triple A Islamic Finance Awards 2022, retaining its position as Islamic Bank of the Year in Asia Pacific and Malaysia respectively for the ninth consecutive year. It also won the Best Islamic Retail Bank in Malaysia award, a title it has held since 2010.

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