Maybank Launches Islamic Wealth Management in Singapore



First bank in the city-state to offer end-to-end Islamic wealth solutions.

Maybank Group launched its Islamic Wealth Management (IWM) regional offshore hub for solutions via Maybank Singapore on Monday evening. It is now the first bank in Singapore to offer end-to-end Islamic wealth solutions for customers through their different life stages, including planning for wealth transfer for the next generation.

These solutions are aligned to the five IWM pillars – Wealth Creation, Accumulation, Preservation, Purification and Distribution. This initiative is aligned with Maybank Group’s M25+ Strategy to achieve global leadership in Islamic finance, especially in Islamic wealth management. Maybank Group’s Islamic banking arm, Maybank Islamic Berhad, is the 5th largest Islamic bank by assets globally at more than $67 billion in 2022.

Value-Based Practices

As a leading Islamic bank, Maybank offers customers a full suite of Islamic wealth solutions to access beyond conventional wealth management options. In Singapore, Maybank has the largest offering of Shariah-compliant unit trust funds, at 13 funds.  that the Group remains steadfast in advising its customers to realize their investment goals and wealth potentials via suitable Islamic banking solutions that are centered on values-based practices.

This demand is spurred by continuous innovation in the Islamic banking industry to offer more Shariah-compliant products, as well as a growing interest in sustainable investing.

Rapidly Gaining Traction

«This IWM regional hub launch is a key milestone for Maybank as we make our mark as a global IWM leader. 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,» Maybank Group President and CEO, Dato’ Khairussaleh Ramli said.

Islamic finance is rapidly gaining traction beyond Islamic jurisdictions, with Islamic wealth assets growing at the same pace as conventional wealth; offshore Islamic wealth business offers great opportunities for financial players in Southeast Asia.

According to the International Monetary Fund (IMF), global Islamic financial assets are estimated to have grown over $2 trillion in the past decade alone.



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Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

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