Bank Muamalat Malaysia is planning to launch Islamic private banking within a year following an increasing demand for the service.
Datuk Mohd Redza Shah Abdul Wahid, CEO of the bank, said the bank is currently reviewing the product and intends to complete the framework over the next six months.
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Additionally, the bank has also signed a memorandum of understanding with the Bank of London and the Middle East.
The partnership will serve as a platform for Muamalat to expand into the new segment and will also improve its local Islamic banking in terms of investment.
Mohd Redza said that Bank Muamalat now has a private banking product, particularly focusing on wealth management.
Also, Bank Muamalat will use the Bank of London and the Middle East expertise in handling private banking customers.
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By GlobalDataAbdul Wahid added that the two banks might think about a merger and acquisition and form another company only if it brings value to the shareholders and the company.
Abdul Wahid said: "If everything is positive, we will launch Islamic private banking next year, and it will be the first to be introduced in Malaysia. This cross border-typed initiatives between two financial institutions in two countries would allow us to share our expertise, and we would approach the market to offer our services.
"We will expand our product globally, after successfully serving the local market. We expect the industry in Malaysia to see a continuous growth of two per cent year-on-year," he added.
