KUALA LUMPUR: Maybank Islamic Bhd has launched the Shariah compliant portfolio financing solution, making it the first Islamic bank in the country to do so.
This adds to the myriad of offerings for wealth creation and wealth accumulation under the bank's Islamic wealth management (IWM) solutions.
Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican said at the core of its IWM solutions is the elements of ethics and value-creation.
This should augur well in meeting the increasing demand and interest in alternative and purpose-driven investments such as sustainable investments.
To this end, Rafique said Maybank Islamic will continuously develop new propositions to address the needs of its customers who have a preference for Shariah-compliant offerings, regardless of their religious beliefs.
"In meeting the strong demand for IWM offering, the Maybank Group last year launched Shariah wealth management in Indonesia and global Islamic wealth msnagement hub in Singapore.
"There was steady growth in our Islamic wealth management with annual growth rate for Islamic asset under management (AUM) at 12 per cent from 2021 to 22 per cent in 2022 and with the introduction of this new solution, we aim to further grow our business by 30 per cent by the end of this year," he said.
Maybank Group, which is currently managing RM184.7 billion AUM of which 46 per cent or RM84.2 billion are contributed from Islamic portfolios, will continue to assist its wealth management customers to curate personalised, exclusive and comprehensive investment strategies based on their specific financial goals and risk profiles.
Maybank Islamic said its portfolio financing empowers customers to optimise the value of their assets by capitalising on available investments, leveraging on current market opportunities.
The portfolio financing is available to both new and existing Maybank Premier customers, with credit lines up to RM10 million and offering competitive financing rates to ensure favourable terms to leverage on investment potential with attractive financing costs.
"Accepted collaterals for this solution include cash, fixed deposits, unit trusts, and retail sukuk in both ringgit and foreign currencies," it added.