KUALA LUMPUR: Maybank Islamic Bhd has rolled out its new custodial services, with the aim to tap on the estimated RM1.4 trillion asset under management of Malaysia’s leading institutional investors, fund managers, government-linked companies and sovereign wealth funds.
Its chief executive officer, Muzaffar Hisham, said in view of the rapid increase in global Islamic assets and the rising affluence of Muslim communities, having an Islamic custody services provider would complete the Islamic asset servicing cycle.
"Global Islamic funds and wealth management are on the rise, underpinned by strong demand from Muslim and non-Muslim investors. This has, no doubt, become the pivotal factor in the growth of the industry," he said in a statement.
The Islamic banking arm of the Malayan Banking (Maybank) group launched the Islamic custody services here, last Thursday.
With the new offering, the group is now able to provide clients with an array of syariah-compliant investment services solutions, such as global custody, sub-custody, fund accounting and administration, transfer agency and trustee.
Muzaffar said the services could also monitor non-syariah compliant securities.
"Our automated system does post-trade and periodic screenings to ensure that we are able to notify our clients in the event any securities cease to comply with syariah principles. Any non-compliant income will be donated to charitable bodies," he said.
Meanwhile, Maybank group head for global banking Amirul Feisal Wan Zahir said: "The Islamic custody services are in line with the group's vision to be a regional financial services leader and are part of its strategy to be Asean's leading Islamic bank by this year."
He said the group was the local specialist in providing custodial services.