The launch marks the Bank’s commitment to offer our customers an array of choices which will cater to their specific banking needs.
The launch of the two products is timely given the increasing interest from Singaporeans to invest in Malaysian properties, particularly in Greater Kuala Lumpur and Iskandar Malaysia. The recent announcement of infrastructure developments that will significantly reduce travel time between Singapore and Malaysia is seen to be a key factor that will drive Singaporeans to continue to invest in Malaysian properties.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The products were introduced at a media briefing held in Singapore by Maybank President & CEO, Dato’ Sri Abdul Wahid Omar, together with Maybank Islamic CEO Muzaffar Hisham, Maybank Singapore CEO Pollie Sim and Maybank Singapore Head of Islamic Banking Mohd Ismail Hussein.
The two new products are Islamic Home Financing and Islamic Commercial & Industrial Property Financing. The former is to finance the purchase of residential property in Malaysia while the latter is to finance the purchase of commercial and industrial property in Malaysia. Both are available for owner occupied or investment properties and come with minimum financing of S$100,000.
The two new products bring to 11 the number of Shariah compliant products available to customers in Maybank Singapore. The Bank’s Islamic Banking service has shown remarkable year-on-year growth for the financial year ended December 2012 with total assets and deposits growth of 278% and 390% respectively whilst its total customer base has gone up by more than 3.5 times over the past 5 years. In 2012, Maybank Singapore Islamic Banking secured the first Islamic profit rate swap deal with a leading Singapore-based conglomerate. With the two new Shariah-compliant products launched today, Maybank Singapore Islamic Banking aims to continue to be the leading provider of Shariah-compliant financial solutions to the Singapore market.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
