KUALA LUMPUR, 21 July 2021: 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 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.

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.

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.

And while we provide opportunities to enhance our customers’ wealth in their living years, we are cognizant of the importance of the legacy they 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 RM70 billion are pending distribution. This is 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.

Maybank Islamic is one of ASEAN’s leading Islamic banks and aspires to become a leader for IWM solutions. Over the next few years, backed by the larger Maybank Group, it plans to develop this business in two other Maybank home markets, namely Indonesia and Singapore.

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% to 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 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.

Maybank Islamic has received international recognition such as the Best Private Bank for Islamic Services and Best Provider of Shariah Compliant Fund at the 2019 Global Private Banking Innovation Awards, and just recently Best Islamic Finance Wealth Management Bank by Hong Kong-based investment magazine, The Alpha Southeast Asia.

To experience this full suite of IWM solution, customers can contact their respective Maybank Relationship Managers and Client Advisors or Maybank Customer Care at 1300 88 6688 for more information.