SINGAPORE - In a move to expand its Islamic Wealth Management (IWM) services, Maybank Group has established a new regional hub at Maybank Singapore. This strategic initiative aims to extend the bank's reach beyond its home markets of Malaysia and Indonesia, leveraging Singapore's status as a premier financial center with a strong emphasis on sustainable investment.
The newly unveiled hub positions Maybank Islamic Berhad as the fifth-largest Islamic bank globally, boasting assets worth $67 billion as of 2022. The Singapore-based center will offer a comprehensive suite of IWM services structured around five key pillars, ranging from wealth creation to distribution.
President & CEO Dato' Khairussaleh Ramli highlighted the significance of this development, marking it as a critical step towards achieving global leadership in the IWM sector. The hub is designed to provide end-to-end Islamic wealth solutions that cater to various life stages and is tailored to meet the needs of both Muslim and non-Muslim clients, reflecting the diverse customer base in Malaysia.
Datuk John Chong, Group CEO of Community Financial Services, speaking about the launch, underscored the importance of capitalizing on Singapore's robust financial sector for wealth management. The services offered by the new hub are expected to attract affluent clients by providing access to a wider array of global asset classes compared to those available in Indonesia and Malaysia.
To support this expansion, Maybank is training approximately 1,500 wealth managers across three countries in Shariah-compliant products. Additionally, a dedicated team of 50 Shariah advisors has been formed to bolster this initiative. In Singapore alone, Maybank now offers the largest selection of Shariah-compliant unit trust funds, totaling 13.
Muhd Ramadhan Fitri, Maybank's Strategic Programme Director, emphasized that the offerings in Singapore would predominantly serve affluent clients. Maybank's commitment to Islamic finance excellence has been consistently recognized at The Asset Triple A Islamic Finance Awards, where it has earned top honors since 2010, maintaining its lead as the foremost Islamic Bank in Asia Pacific and Malaysia for nine consecutive years.
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