Maybank Islamic aims for expansion amid steady growth

Maybank Islamic aims for expansion amid steady growth
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KUALA LUMPUR (July 22): Maybank Islamic Bhd, one of the leading Islamic banks in Southeast Asia, has seen its total financial assets (TFA) and the number of customers grew steadily in recent years.

In the past five years, the bank’s TFA has grown by 16% on average, while its number of customers in the high net worth, affluent and emerging affluent segments increased by an average of 18%. 

These customers represent 45% of both the overall TFA of the Maybank Group and the number of customers.

The Islamic assets under management (AUM) for its three segments of customers (high net worth, affluent and emerging affluent) stands at RM46 billion. The bank is targeting to grow the number to RM50.2 billion by the end of this year.

The bank aspires to become a leader in Islamic wealth management solutions in the region and aims to offer its solutions to clients in Indonesia and Singapore.  

Already, the launch of Islamic wealth management solutions by local banks has helped meet the growing demand from local investors for Shariah-compliant investments and solutions. 

According to the Securities Commission Malaysia, the overall AUM in Malaysia has grown by 10% to RM905.5 billion last year, partly driven by the 20% growth of Islamic AUM in 2020.

Today, Maybank Islamic upped its game in its Islamic wealth management offering by launching its comprehensive Islamic wealth management solution that covers all essential financial needs of its clients, namely wealth creation, accumulation, protection, purification and distribution.

The solution provides a single touchpoint for its customers as they progress through life. 

Various Islamic financial products (Shariah-compliant accounts and fixed deposit services, investment products, takaful, zakat and waqf contributions to estate planning) are parked under one roof, which is the Maybank Group. And they are available to customers of Maybank Islamic. 

It also assigns clients with an Islamic financial planner to help them find suitable products and services.

The Islamic wealth management solution is open to new and existing customers who maintain a minimum of RM50,000 worth of investable assets with Maybank Islamic.

“The core of our offering is the assurance that our solution is approved by our Shariah committee comprising notable scholars and practitioners… Our intention is to provide customers with a choice, should a conventional wealth management solution not fulfil their needs,” said Maybank Islamic CEO Datuk Mohamed Rafique Merican.

He added that the values of Islamic financial products are very much aligned to the principles of environment, social and governance (ESG) investing, which make them appealing to investors regardless of race and religion.

Lam Jian Wyn