Wednesday 06 Dec 2023
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Maybank Islamic offers Shariah-compliant financial products and services to customers at all life stages

Maybank Islamic Berhad recognizes and understands the differing preferences and requirements of their clients in different stages of life. This allows the largest Islamic bank in Southeast Asia and one of the biggest globally to consistently innovate and come up with Shariah-compliant financial solutions for various needs.

For example, its new comprehensive Islamic Wealth Management (IWM) solutions, which stands apart in the industry, offering a single touch point to customers to address their specific requirements.

“IWM is a discipline that aims to provide comprehensive financial solutions via its Shariah-compliant products and services. Our IWM solutions, newly launched, are not based on a new concept,” says Maybank Islamic CEO Datuk Mohamed Rafique Merican.

“To manage wealth through different life stages, Maybank Islamic’s IWM solution is premised on five pillars - creation, accumulation, preservation, purification and distribution. Products and financial solutions for each pillar are designed and provided under one roof within the Maybank Group.

From an Islamic perspective, wealth must be justly and lawfully acquired, accumulated and responsibly managed. The ownership of wealth is with the Almighty and as custodians, we should manage this wealth with the objective of benefiting mankind.”

Rafique finds that customers are increasingly aware that their wealth must be managed holistically and that the next generation of young, affluent individuals are looking to address their long-term financial needs.

“All of us go through different periods in our lives and our needs, objectives and aspirations constantly evolve,” he says.

“Our Islamic Wealth Management solutions are specifically for, but not limited to customers who prefer Shariah-compliant financial offerings because of their faith, values and/or lifestyle. We aim to fulfil their needs as holistically as possible.” - Datuk Mohamed Rafique Merican, Maybank Islamic CEO

“This generation will eventually move on to other phases, which are equally as important, if not more than, wealth building. A well-considered wealth plan will certainly help them to better navigate turbulent times and an uncertain future.”

“As a person goes through life, his financial needs become more complex. We develop solutions based on the needs of evolving life stages and aim to help our customers achieve their long-term financial and wealth goals,” says Rafique.

“A person’s wealth management cycle begins with the creation of wealth. Here, we enable them to derive a return from their savings.

“The next phase is an enhancement or an accumulation of their wealth as they start to invest in the more sophisticated products that we offer. These products include Shariah-compliant unit trust funds, marketable securities and other investment products.

“We are cognisant that unforeseen events do occur and to cater for such contingencies, the Takaful products through our wealth preservation pillar can help not just to safeguard our customers’ wealth but also their healthcare needs, and provide assurance to their family and loved ones.”

For wealth purification, Maybank Islamic enables its Muslim customers to pay their obligatory Zakat, contribute to a cash Waqf and make donations on a digital platform. Furthermore, the bank’s certified Islamic financial planners (IFPs) can assist customers in managing their income earned from various sources and in its purification thereof.

“The last pillar addresses an important part of the IWM cycle, and this is how wealth is managed upon the demise of a customer. We want to effectively manage the distribution of their assets to their loved ones. For this pillar, we offer our in-house solutions such as Wasiat and Hibah for Muslims as well as wills for non-Muslims,” says Rafique.

This wide range of IWM products and services enables Maybank Islamic to meet the differing needs of customers looking for personalised end-to-end IWM Shariah-compliant solutions. Rafique also points to the many benefits of staying with a trusted financial institution throughout one’s lifetime.

“Staying with a credible provider has significant advantages. When you have established a long-term relationship with a bank, your credit standing is higher and the financial provider is in a better position to understand your needs.” he says.

“From a wealth distribution perspective, the management of your Takaful, mortgage, car financing and investments within one institution is much more efficient. This is considered estate planning and it is indeed beneficial to utilise the services of a credible and trusted financial entity.”

Maybank Islamic’s IWM customers have access to skilled advisers for expert views on Islamic wealth and legacy planning such as Zakat, Wasiat and Hibah. “Each of the wealth adviser that is assigned to our clients will be able to offer personalised advice based on their unique requirements. Our customers save time and resources as they have easy access to financial products and services to meet their needs at different periods of their life,” says Rafique.

“The core of Maybank Islamic’s offering is the assurance that the IWM solution is approved by its Shariah Committee. The solutions also provide a viable alternative for customers who find that conventional wealth management solutions do not meet their needs.”

“Our IWM solutions are specifically for, but not limited to customers who prefer Shariah-compliant financial offerings because of their faith, values and/or lifestyle. We aim to fulfil their needs as holistically as possible,” says Rafique.

With Maybank Islamic’s emphasis on sustainability and ESG factors, it is poised to lead the future growth of the Shariah-compliant financial industry, which has clearly proven to meet the needs of the modern economy.

Rafique notes that the growth of Islamic finance in Malaysia has been commendable with Shariah-compliant assets constituting 34.2% or RM817 billion to the entire banking industry in 2020.

“We are encouraged by this growth. Last year, Maybank Group Islamic contributed 28% to Maybank Group’s overall profit before tax. Meanwhile, 42% of the Group’s gross financing are Shariah-compliant,” he says.

Rafique adds that together with other financial institutions in the country, there is a collective commitment to further spearhead innovation in Islamic offerings for wider acceptance of Shariah-compliant financial solutions.

Islamic finance appeals to more with its ESG-centric focus

Global surveys have found that the younger generation are looking for investments that reflect their personal values and contribute to social good. A 2020 MSCI ESG Research report found that 95% of high-net-worth millennials want to tailor their investments according to their values while another study by Morgan Stanley Institute for Sustainable Investing says 84% of this cohort have started investing with a focus on environmental, social and governance (ESG) issues.

This preference for value-based investing bodes well for Islamic finance, which is fundamentally aligned with the principles of sustainability. According to Datuk Mohamed Rafique Merican, CEO of Maybank Islamic Bhd, an Islamic investment portfolio incorporates sustainability principles, which are a central tenet of Islamic beliefs.

“To comply with shariah law, it is paramount that investments do not harm the environment and society. Our 2019 research paper, done in collaboration with Schroders, a prominent global investment manager, found that sustainability considerations are philosophically complementary to shariah-compliant investing and have the potential to improve returns,” he says.

On the Group level, Maybank’s five-year agenda from 2021 aims to achieve three outcomes, which are to deliver a sustainable return on equity, provide a top-rated customer experience and become a regional ESG leader.

Maybank Group intends to mobilise RM50 billion in sustainable financing to improve the lives of one million households across Southeast Asia, achieve one million hours of sustainable activities per year and deliver one thousand significant United Nations Sustainable Development Goals (SDGs) related outcomes by 2025.

To learn more about Maybank Islamic Wealth Management, please visit

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