PETALING JAYA: The CIMB Group is set to launch the country's first full-fledged private Islamic banking services this year.
The new offering is targeted at high net worth individuals who have in excess of RM1mil in investible assets and require personalised wealth management services, advisory and investment products that conform to syariah principles.
CIMB Private Client Services head Yeoh Keat Seng said: “The time is right to introduce such a service for there is an increasing interest among investors, both local and abroad, in Islamic wealth management products including sukuk, equity linked notes and structured products, to name a few.”
In the first half of 2006, the country's Islamic banking industry reaped a profit of RM800mil while total assets of Islamic banking stood at RM122bil and Islamic corporate bonds at RM121bil, which constituted some 55% of the total corporate bond market in Malaysia.
CIMB Islamic group head and CEO Badlisyah Abdul Ghani noted that there were over US$1trillion of wealth among Muslims in the Gulf Corp Council and South-East Asian market.
CIMB Private Banking specialises in ringgit-based assets with a strong local presence and holds a dominant position in both equity and debt services.
It has over RM4bil in assets under its management with offices in Kuala Lumpur, Penang, Kuching and Kota Kinabalu.