Maybank Islamic Berhad today launched its comprehensive Islamic Wealth Management (IWM) solution covering all the 5 essential elements of IWM namely, wealth creation, accumulation, protection, purification and distribution.
The IWM solution is unique in that the Bank will provide a single touch point for its customers’ wealth management requirements as they progress through life. From Shariah-compliant accounts and fixed deposits services, investment products, takaful, zakat and waqf contributions to estate planning – these will all be under one roof within the Maybank Group.
The IWM client will be assigned with an Islamic Financial Planner-certified wealth advisor, saving the client’s time and resources in finding the suitable products and services for their respective needs under each pillar. In addition, they will have access to Shariah advisory to obtain expert views relating to Islamic wealth and legacy planning such as zakat, wasiat and hibah.
Maybank Islamic CEO Dato’ Mohamed Rafique Merican said, “The core of our offering is the assurance that our solution is approved by our Sharia comprising notable scholars and practitioners. This launch is specifically, but of course not limited to, our customers who based on their faith and lifestyles, have a preference for a Shariah-compliant offering and we want to fulfil their needs. Our intention is to provide the customer with a choice, should a conventional wealth management solution, do not fulfil their needs. In Islamic Finance, in developing Islamic products, there should not be any compromise on environmental, social or good governance matters and this is very much aligned to the principles of ESG. This will have a universal appeal to everyone, regardless of race or religion.”
The IWM solution is open to new and existing customers who maintain a minimum of RM50,000 worth of investable assets with the Bank.
Currently, Islamic assets under management (AUM) for the three segment of customers stands at RM46 billion and the Bank is targeting to grow this to RM50.2 billion by end of this year. The launch of Maybank Islamic IWM helps meet the growing demand for Shariah-compliant investments and solutions in the country. According to the Securities Commission Malaysia, in 2020, the overall AUM in Malaysia grew 10% to RM905.5 billion, driven by Islamic AUM with a growth of 20%, to RM216.80 billion.