KUALA LUMPUR: Maybank Islamic Bhd launched its comprehensive Islamic wealth management (IWM) solution on Wednesday covering wealth creation, accumulation, protection, purification and distribution.
In a statement on Wednesday, it said 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, all these will all be under one roof within the Maybank Group,” it said.
Maybank Islamic said the IWM client will be assigned 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.
The clients 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 Datuk Mohamed Rafique Merican (pic, above) said: “The core of our offering is the assurance that our solution is approved by our Shariah committee 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.”
Mohamed Rafique said when 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.
He pointed out this will have a universal appeal to everyone, regardless of race or religion.
“Central to this is our emphasis on the purification part of our customers’ wealth. While they can use our digital platform to pay their zakat, contribute to a cash waqf and donation, our advisors can also assist them to manage income earned from various sources and its purification,” he said.
He also pointed out the importance of the legacy which the clients leave behind for the next generation.
“Under our wealth distribution or legacy planning, solutions such as wasiat, hibah and estate administration are also offered.”
The IWM solution is open to new and existing customers who maintain a minimum of RM50,000 worth of investable assets with the bank.
The importance of estate and legacy planning is not insignificant. It has been widely reported in recent news and media on properties or assets worth more than RM70bil are pending distribution.
This was due to the lack of awareness on the importance of appointing estate administrators to plan for the distribution of their assets prior to their demise.
The IWM solutions fit in well for Maybank Islamic, which is one of Asean’s leading Islamic banks.
Maybank Islamic, which aspires to become a leader for IWM solutions, plans to develop this business in two other Maybank home markets, namely Indonesia and Singapore.
It will be able to leverage on the larger Maybank group to develop this business over the next few years.
For Maybank Islamic, the past five years has seen its total financial assets (TFA) and number of customers in the high net worth, affluent and emerging affluent segments growing an average of between 16% and 18% respectively.
These segments now represent 45% of both the overall Maybank group TFA and number of customers.
Currently, Islamic assets under management (AUM) for the three segment of customers stands at RM46bil and the bank is targeting to grow this to RM50.2bil 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, in 2020, the overall AUM in Malaysia grew 10% to RM905.50bil where Islamic AUM recorded a growth of 20% to RM216.80bil.