(From left) Anand Rengarajan, global head of sales & head of Asia, Pacific, securities services, Deutsche Bank; Sylvia Beh, CEO, Deutsche Trustees Malaysia Berhad; Margaux Blumenfeld, head of APAC Coverage, Non-Bank Financial Institutions & head of securities services sales, South Asia, Deutsche Bank; Richard Lim, head of securities services Malaysia, Deutsche Bank (Malaysia) Berhad; Datin Ezreen Eliza Zulkiplee, head of securities services and CEO of CIMB Commerce Trustee Berhad & CIMB Islamic Trustee Berhad; Lawrence Loh, Co-CEO, group commercial & transaction banking, CIMB and Ahmad Shahriman Shariff, CEO, CIMB Islamic at a recent signing ceremony.

Deutsche Bank has teamed up with CIMB, to offer Shariah custody, the management of assets in accordance with Islamic law, to customers in Malaysia.

Additionally, CIMB has chosen the bank to use its CustodyOne product to support its overseas custody services.

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The collaboration entails Deutsche Bank integrating CIMB’s Shariah custody capabilities with its own to provide Malaysian clients with services that comply with regulations (as per the Securities Commission’s late 2022 guidelines).

For Shariah capital markets products, fund managers are primarily the targeted clients; they are subject to Securities Commission guidelines.

Moreover, in Southeast Asia, Deutsche Bank has widened its Shariah-compliant custody offerings in Singapore. These will enhance its CustodyOne offering and facilitate easy access for clients across the world.

Deutsche Bank is committed to satisfying the rising demand for Shariah custody as an international bank with a significant presence in Singapore, especially as local clients grow their businesses throughout ASEAN.

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Deutsche Bank’s head of Securities Services for ASEAN, Samir Dhamankar commented: “We are pleased to partner with CIMB Islamic, being one of the top banking institutions in the ASEAN region as well as a cornerstone of the Malaysian banking landscape. Together, we can offer our clients market-leading Shariah custody that meets industry standards and fulfils regulatory requirements in Malaysia. We are committed to the ASEAN region and helping our clients grow in this unique and increasingly important segment.”

Ahmad Shahriman Mohd Shariff, chief executive officer of CIMB Islamic added: “CIMB Islamic remains at the forefront of offering attractive propositions to cater to the growing demand for Shariah compliant products and services. We are pleased to partner with Deutsche Bank to strengthen their Shariah services and deliver on our long-term growth objectives of advancing Islamic finance, in line with Bank Negara Malaysia’s Financial Sector Blueprint.”

As of the end of Q2 2023, global Shariah funds had $105bn in assets under management, with Malaysia accounting for 27% of this total.

Southeast Asia makes up 80% of total Shariah banking assets in Asia Pacific, with market growth expected to be 8% over the next two years.

Malaysia and Indonesia are two notable Shariah banking markets in Asia Pacific.