BNP Paribas Malaysia Berhad and INCEIF, The Global University of Islamic Finance, have rolled out a joint centre for wealth management to tap perceived rising demand in the Asian country.

The launch of the BNP Paribas-INCEIF Centre for Islamic Wealth Management, was witnessed by Bank Negara Malaysia’s governor YBhg Tan Sri Dato’ Sri Dr Zeti Akhtar Aziz, Paris-headquartered BNP Paribas said in a statement. The event was held on the sidelines of the Global Islamic Finance Forum 2012, which is a biannual BNM event.

“Through this research centre, BNP Paribas hopes to contribute towards the growth of the Islamic Finance sector in Malaysia and the region, as Malaysia is a strategic hub for BNP Paribas’ Islamic Banking business in Asia-Pacific,” said Krishna Chetti, chief executive at BNP Paribas Malaysia Berhad.

Malaysia has been one of the hotspots for the Asia-Pacific region in terms of potential wealth management growth, and its large Muslim population is also attracting firms seeking to supply financial services that comply with Shariah law, such as the prohibition of interest and gambling. According to the latest Rich List by Forbes Magazine, Malaysia saw its economy grow 7.2 per cent in 2011, the highest since 2000, and this is likely to rise further in the coming years. Its 40 richest individuals alone are worth a collective $62.1 billion, up $11.1 billion from the previous year.

In June this year BNP Paribas Malaysia Berhad launched its Islamic banking service under the “Najmah” brand, complementing its existing Islamic finance activities in asset Management and international banking in Malaysia.

The research centre is located on INCEIF’s Campus in Kuala Lumpur. INCEIF was set up by Bank Negara Malaysia in 2005.