Islamic Banking

Shariah-Based Private Banking Comes to Malaysia

Stephen Harris, 26 March 2007

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CIMB Group is to offer Malaysia’s first private banking service based on shariah principles through its private banking unit this year.

The new service will be available for high net worth customers with over RM1 million in investable assets.

CIMB Group’s head of private client services Yeoh Keat Seng said: “We are constantly introducing new investment solutions to meet our clients’ needs and Islamic-based private banking is a key segment that we would like to focus on.

“In line with this we have introduced a trust and Islamic-based succession service for our clients.”

In a statement, Mr Seng said there was increased interest among investors, both local and abroad, for Islamic wealth management products including sukuk, equity-linked notes and structured products.

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