Maybank Islamic CEO Datuk Mohamed Rafique Merican said the high net worth (HNW) individuals have become more sophisticated and demand a wider range of choices in their investments. File pix by NURUL SHAFINA JEMENON.

KUALA LUMPUR: Maybank Islamic Bhd has launched a new account for its Islamic private wealth clientele, allowing this high net worth (HNW) segment to maximise their balances in their various Islamic investment portfolios.

The enhanced feature of the Islamic wealth management proposition will provide Private Wealth clients with comprehensive and exclusive private banking services.

Maybank Islamic, the Islamic banking arm of the country’s biggest bank, the Maybank Group, said this service is now in high demand among Shariah-conscious clients.

The bank explained that the enhanced platform will allow HNW clients to view and monitor their various Islamic investment portfolios holistically, in one single statement.

In the past two years, Maybank’s Islamic Total Financial Asset (TFA) for the HNW segment has seen a growth of 41 per cent year-on-year, which is three times the growth of the overall TFA (conventional and Islamic), it said.

As at Dec 2016, half of Maybank’s TFA contribution was from Islamic TFA. This growth was seen across major product domains, which included deposits, financing, takaful and investments.

Maybank Islamic CEO Datuk Mohamed Rafique Merican said that HNW individuals have become more sophisticated and demand a wider range of choices in their investments. This has resulted in Maybank Islamic having greater diversity in its investment solutions, with underlying Shariah principles, he said.

“We are constantly looking for new ways to uplift our services in providing solutions with unique value propositions from the Shariah point of view,” said Rafique.

Meanwhile, Maybank Group Head, Community Financial Services, Datuk Lim Hong Tat, said that Maybank’s diverse capabilities in the wealth management sphere, coupled with the Group’s collective strengths, have placed Maybank in a strong position to continue its leadership within this market.

“The recent Asia Pacific Wealth Report by Capgemini indicates that the greatest enthusiasm for putting portfolios to work for social gain comes from high net worth individuals in the emerging markets of Indonesia (45.8 per cent of investment portfolio in social impact investments) followed closely by Malaysia (43.6 per cent of investment portfolio in social impact investments).

“Our Islamic Private Wealth solutions provide an avenue for HNW individuals, regardless of religious faith, to earn returns in a more socially-responsible manner,” Lim added.

The latest enhanced feature completes Maybank Islamic’s Shariah compliant suite of financial products and services, which include Islamic deposits, investment, treasury and financing, and other value-added products and services.

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