A holistic, end-to-end suite of Shariah-compliant wealth management offerings gives Maybank Islamic an edge with customers.

Islamic wealth management takes a holistic approach that encompasses the entire five-pillar life cycle of wealth creation, accumulation, preservation, purification and distribution in accordance with Shariah Law, with an emphasis on the latter two pillars, which sets it apart from conventional wealth management.

In Islam, wealth management is not only a necessity but also a profound expression of the faith. Statistics that reveal RM70 billion in unclaimed assets especially amongst Malaysian Muslims, show that putting one's financial affairs in order, particularly inheritance and estate planning, often falls by the wayside for reasons ranging from being inundated by the demands of daily life, to a lack of accessible knowledge or solutions.

Enter Maybank Islamic Berhad and its end-to-end suite of Islamic wealth management offerings; all Shariah-backed holistic solutions across the five pillars of wealth management. Built on its commitment to making its services (targeting but not limited to the Muslim community) accessible, the solutions offered under each pillar focus on always providing a comprehensive solution to its customers.

"Understanding that wealth management can be daunting, we are committed to making the journey as seamless as possible for all our customers. On top of having all solutions integrated across the different pillars, we ensure that our customers embark on this journey with someone they trust, complete with Shariah advisory to meet their needs," says Dr. Muhd Ramadhan Fitri Bin Ellias, Strategic Programme Director, Maybank Islamic.

EzyWasiat, an innovative and efficient Wasiat writing service, is an example of Maybank Islamic's digital innovation under its wealth distribution pillar. It was conceived to address the lack of convenience in Islamic estate planning, while also addressing misconceptions surrounding Wasiat.

The assumption that Faraid (Islamic inheritance) principles will take care of everything once someone is gone, is one such misconception. While Faraid is central to wealth distribution, it is not the be-all and end-all. Up to a third of a person's assets can be bequeathed, for example, to non-blood relatives or non-legal heirs, including adopted children and charitable organisations. Having a Wasiat takes care of that to help relieve the financial burden of loved ones.

Even for Muslims who have long harboured intentions or Niat to prepare a Wasiat, the problem often lies in it being a long and arduous task that eats up too much time while someone is still alive.

EzyWasiat was developed to ease these concerns. Dr. Ramadhan further explains, "With EzyWasiat, Muslims can now benefit from a Wasiat-writing service that caters specifically to those who hold their faith dear, and want to plan for the future of their loved ones. In other words, we help you realise your intention to prepare your Wasiat, or simply put, to move from Niat to Wasiat."

Running on a unique assisted model, customers will be directly assisted by Maybank Islamic's Wealth Management advisors, or relationship managers, who will utilise the built-in Faraid algorithm to simplify their Wasiat writing. Customers can appoint an administrator to manage their assets and liabilities. With the required documents ready, and from as low as RM600, their Wasiat can be completed within just 30 minutes. The digital format also allows the convenience of amending their Wasiat at any time - catering to each person's evolving priorities across various life stages.

"EzyWasiat can ready your Wasiat within just 30 minutes and the affordable pricing structure ensures that no one is excluded from receiving high-quality assistance in estate planning," Dr. Ramadhan elaborates

As ASEAN's leading Islamic bank and the largest Islamic commercial bank in Malaysia, Maybank Islamic remains steadfast in spearheading Islamic banking in this region and beyond. "In paving the way for the next phase of growth in Islamic finance, we continue to put our customers at the heart of our business. To this end, efforts have been made to elevate convenience to the next level as we digitise our Islamic wealth management products," he adds.

Managing wealth is as much a science as an art - understandably, for many, it can be overwhelming. Therefore, a Shariah-compliant solution that not only consolidates but integrates all wealth pillars seamlessly would give one full control, as well as confidence and peace of mind, to navigate the complexities of wealth management.

One such product is Zakat Auto-Debit, a solution under the wealth purification pillar that has been fully integrated into Maybank Islamic's suite of digital offerings. Through Auto Debit for 'Zakat Simpanan & Pelaburan' via Maybank.2u web and the MAE app, your Zakat will be automatically calculated and deducted without any additional charges.

By automating Zakat payments, customers can eliminate calculation errors and consolidate all Zakat payments, made via Islamic deposits and investment accounts, in a single statement.

To learn more about Islamic Wealth Management and EzyWasiat, visit maybank.my/ezywasiat to enquire and get further assistance from a wealth advisor.