Maybank Launches Islamic Wealth Management Hub in Singapore

21 Nov, 2023

Maybank Launches Islamic Wealth Management Hub in Singapore

Maybank Group has introduced its regional offshore hub for Islamic Wealth Management (IWM) in Singapore, providing comprehensive end-to-end solutions tailored to Islamic principles.

This strategic move positions Maybank as the pioneer bank in Singapore to deliver complete Islamic wealth solutions, aligning services with its five IWM pillars: wealth creation, accumulation, preservation, purification, and distribution.

Before the official launch of this offshore hub, Maybank already offered Singapore's largest collection of Shariah-compliant unit trust funds, boasting a total of 13 funds.

Dato’ Khairussaleh Ramli, President & CEO of Maybank Group, views this launch as a pivotal milestone in the bank's ambition to lead globally in IWM. He emphasizes Maybank Singapore's strategic positioning to capitalize on its expertise developed in Malaysia over the years, fostering growth in the IWM business.

Anurag Mathur, Maybank's Head of Group Islamic Wealth Management, recognizes the significance of this hub in meeting growing demands for Islamic banking services in the Asia Pacific region. With about 30% of global high net worth individuals' wealth in this area, and a quarter of Islamic finance assets concentrated in Southeast Asia, there's a notable appetite for sophisticated Islamic wealth solutions.

Mathur highlights the alignment of affluent individuals' values with Islamic wealth solutions, including ethical investments, philanthropy, and succession planning. The establishment of Singapore as the IWM hub for Maybank positions them to offer a complete suite of Islamic wealth solutions to both onshore and offshore customers in the market.