UBB Investment Bank Limited (UBB IB) forged a strategic partnership with the Federal Territories Islamic Religious Council Zakat Collection Centre (PPZ-MAIWP) to offer comprehensive and shariah-compliant services while promoting zakat among Muslim clients and assisting with the collection of tithe (zakat).
The wholly-owned subsidiary of UBB Amanah marked a milestone, is aimed at providing signed a Memorandum of Appointment (MoA) solidifying the commitment to providing holistic financial services that align with religious obligations which pave the way towards managing zakat contributions of clients on behalf of PPZ-MAIWP.
This partnership is more than a financial collaboration; it represents the seamless fusion of financial expertise and religious responsibility. By offering transparent investment banking services, UBB IB empowers clients to succeed financially and contribute meaningfully to societal well-being, the bank said in a statement today (Aug 30).
Chairman of UBB Investment Bank Limited Dato’ Razman Mohd Noor, said, “In our unwavering pursuit of delivering holistic and bespoke solutions to our valuable clients, we are thrilled to introduce a new service that simplifies managing zakat while upholding transparency and accountability. We are delighted to be the pioneer investment bank to collaborate as a collection partner of PPZ-MAIWP.”
“We at UBB IB take immense pride in serving as a catalyst that empowers clients to achieve success in their wealth management and protection of legacy. Through this journey, we will be able to facilitate an increase in contributions towards zakat while fostering a sense of responsibility,” concluded YBhg Dato’ Razman.
The MoA was signed by Razman and PPZ-MAIWP Chairman Tan Sri Dato’ Sri Dr. Abdul Aziz Abdul Rahman and witnessed by Razlan Raghazli, Chief Executive Officer, UBB Investment Bank Limited, and Abdul Hakim Amir Osman, Chief Executive Officer of PPZ-MAIWP.
Dr. Abdul Aziz of PPZ-MAIWP said, “We are pleased to have UBB Investment Bank as our strategic partner to help manage zakat collection among Malaysian Muslim clients, and to ensure they can fulfil their duty with peace of mind. We are confident that UBB IB will manage this exercise efficiently and securely.”
“We are constantly looking to form alliances with various partners to offer Muslims the convenience of discharging their obligations. To date, we have partnered with over 100 organisations and institutions.”
UBB IB will offer the zakat collection service in Kuala Lumpur, Putrajaya, and Labuan.
Following the signing ceremony, UBB Amanah Berhad, a fully licensed trust company with over three decades of experience in trust services introduced a shariah-compliant trust service known as ‘Amanah Liawm Mumtir’ (ALM) which means saving cash for rainy days.
The new trust product is designed for individuals and corporate bodies to place cash in ALM. UBB Amanah is committed to protecting and ensuring that the beneficiaries will have access to the funds in the event of death or any untoward incident, underscoring its dedication to providing ethical and responsible financial solutions.
UBB Investment Bank Limited (UBB IB) was incorporated in 2021 as a licensed investment bank in Labuan. It is a wholly-owned subsidiary of UBB Amanah Berhad, a major private trustee in Malaysia providing trust services since 1988. It has been awarded an investment bank license from the Labuan Financial Services Authority (LFSA). UBB IB is headquartered in Labuan with a marketing office in Hartamas, Kuala Lumpur.
UBB IB provides conventional investment banking services such as asset wealth management, corporate advisory solutions, cross-border transactions, and Labuan Financial Business.
