Single, end-to-end solutions

Maybank is the first bank in Singapore to offer customers Islamic wealth solutions throughout their life stages, including facilitating wealth transfer to the next generation as well. The suite of solutions are aligned with the five pillars of IWM: Wealth Creation, Accumulation, Preservation, Purification and Distribution. These pillars are important as they cover all aspects of wealth in a holistic manner. IWM also seeks to cultivate meaning and purpose in wealth solutions. For instance, Wealth Purification seeks to encourage acts of charity by giving a percentage of one’s wealth to the needy. 

“This IWM regional hub launch is a key milestone for Maybank as we make our mark as a global IWM leader,” said Maybank Group President & CEO, Dato’ Khairussaleh Ramli. “Maybank Singapore is well-positioned to leverage these strengths to grow the IWM business, while being supported by our highly experienced expertise from Malaysia built over the years.”

He added: “This will offer a suite of ethical Islamic wealth solutions for our onshore and offshore clients.”

Why Singapore?

Singapore was chosen as the regional offshore hub as it is an established and leading financial centre for private banking and wealth management not only in Asia, but also around the world. For instance, Singapore ranks second after Switzerland as an international wealth management centre globally, according to Deloitte, and is home to 1,100 single family offices.

With robust financial regulations and laws as well as strong governance and economic stability, the country is a safe and attractive place for individuals and companies looking to meet all their wealth management needs.

Singapore is also well-placed to serve the Asia Pacific region, which accounts for 30 per cent of global high-net-worth individuals’ wealth and a quarter of all Islamic finance assets.

Growth of Islamic wealth

Islamic finance has been rising steadily. Over the last decade, global Islamic financial assets have grown to over US$2 trillion while the global Islamic funds market has expanded by more than 300 per cent.

Such growth is driven by the sustainable and socially responsible nature of Islamic banking, which emphasises fair business dealings and transparent transactions. Demand for Islamic banking and IWM services will likely continue to follow this upward trend as more investors seek ethical and meaningful investment strategies. To aid this rise, Maybank will be there to help clients and companies with their Islamic finance and IWM needs at Singapore’s regional offshore hub.