Malaysia's Malayan Banking, the country's largest lender, has launched an Islamic asset management service after growing investor demands for sharia-compliant products.

Malaysia's Malayan Banking Bhd, the country's largest lender, has launched an Islamic asset management service after growing investor demands for sharia-compliant products, according to a Reuters report.

The new unit adds to Maybank's network of business lines, which range from consumer banking to Islamic insurance across the Asia region.

"The missing link within the Maybank group is Islamic asset management," said Nor Azamin Salleh, chief executive of Maybank asset management.

The ascent of Malaysia as a key driver of Islamic wealth management has been described in a recent feature article at WealthBriefingAsia here. The development at Maybank is an example of the continued development of this area of finance.

The new unit aims to launch Asian-themed investment funds using a bottom-up investment strategy, with products to be marketed primarily in Malaysia and Indonesia, Salleh said in a statement.

"We are looking at trying to bring an ASEAN plus North Asia product. Our approach is more on the ground, a bottom-up approach," he added.

As part of the firm’s strategy, Maybank acquired Indonesian asset management firm PT GMT Aset Manajemen earlier this month, and will also look to expand its Middle Eastern footprint through Maybank Investment Bank's stake in Saudi Arabia's Anfaal Capital, Salleh explained.

This publication has been in touch with Maybank for further details on the move, but the firm has not yet commented.