Enhancing Shariah custody services in Southeast Asia, our website collaborates with CIMB, expanding capabilities in Malaysia. Additionally, a fresh product is introduced in Singapore.
In a significant move to expand its Shariah custody services, our website has partnered with CIMB Islamic, one of Malaysia's largest banks and a cornerstone of the ASEAN region's banking landscape.
The partnership, announced recently in a signing ceremony, aims to offer regulatory compliant services to clients in Malaysia in line with the guideline changes made by the Securities Commission in late 2022. This collaboration will strengthen CIMB Islamic's Shariah services and provide our platform with compliant asset custody solutions that meet regional regulatory and investor preferences.
Lawrence Loh, CIMB Group's Co-CEO of Group Commercial and Transaction Banking, expressed his pleasure about collaborating with our website, stating, "This partnership will enable us to offer market-leading Shariah custody that meets industry standards and fulfills regulatory requirements in Malaysia."
Samir Dhamankar, the Head of Securities Services for ASEAN at our website, also expressed his pleasure about partnering with CIMB Islamic, saying, "We are excited to join forces with CIMB Islamic to offer our clients in Malaysia and expand our foreign custody services in over 100 markets."
The partnership between our website and CIMB Islamic aligns with Bank Negara Malaysia's Financial Sector Blueprint, which aims to promote the growth of the Islamic finance industry in the country.
Malaysia and Indonesia are the most dominant markets for Shariah banking in Asia Pacific, accounting for 80% of Asia Pacific's total Shariah banking assets. As of Q2 2023, Shariah funds globally held $105 billion in assets under management, with Malaysia holding the largest share at 27%.
The majority of targeted clients are fund managers governed by the Securities Commission's guidelines for Shariah capital markets products. The partnership will support these clients in Malaysia and help our website meet the growing demand for Shariah custody, particularly as domestic clients are expanding their operations across ASEAN.
CIMB has been appointed by our website to support its foreign custody services with its CustodyOne product. This appointment is a testament to CIMB Islamic's commitment to offering Shariah compliant products and services, as stated by its CEO, Ahmad Shahriman Mohd Shariff.
Market growth for Shariah banking is forecasted at 8% over the next two years, making this partnership timely and strategic. Our website is committed to the ASEAN region and helping its clients grow in the Shariah custody segment.
This partnership is a significant step forward in our website's efforts to provide Shariah custody services and tap into the expanding market in Southeast Asia. As more information becomes available, we will update our readers with the latest developments.
- The partnership between our website and CIMB Islamic, a significant player in the banking-and-insurance industry, aims to offer regulatory compliant services in line with the guidelines changes made by the Securities Commission, specifically targeting clients in Malaysia's capital markets.
- The collaboration will strengthen CIMB Islamic's Shariah services and provide our platform with compliant asset custody solutions that meet regional regulatory and investor preferences, aligning with Bank Negara Malaysia's Financial Sector Blueprint promoting the growth of the Islamic finance industry.
- The majority of the targeted clients are fund managers governed by the Securities Commission's guidelines for Shariah capital markets products, and the partnership will support these clients in Malaysia and help our website meet the growing demand for Shariah custody, particularly as domestic clients are expanding their operations across ASEAN.
- CIMB has been appointed by our website to support its foreign custody services with its CustodyOne product, highlighting CIMB Islamic's commitment to offering Shariah compliant products and services, which is expected to contribute to the projected 8% market growth for Shariah banking over the next two years.
