KUALA LUMPUR -- Bank Muamalat Malaysia Bhd targets to garner RM100 million in new asset under management (AUM) by 2020, following its collaboration with Shariah-compliant licensed digital investment management platform, Wahed Invest Malaysia.
Bank Muamalat’s head of consumer banking division, Zury Rahimee Zainal Abiden said the bank is constantly on the lookout for innovative solutions for the benefit of its customers.
"This collaboration with Wahed Invest Malaysia in providing digital investment channels to customers is in keeping with the shifting customer preference towards mobile accessibility," he said, adding that to-date, the bank’s total AUM is at RM3 billion.
He said this to reporters after the signing of the memorandum of understanding (MoU) between Bank Muamalat and Wahed Invest here today.
Under the collaboration, the bank will be promoting Wahed Invest's product and services via its distribution channels, starting in the first quarter of 2020.
Zury Rahimee said as Wahed Invest is present in over 138 countries globally, the collaboration will provide the bank with a competitive edge in achieving the perfect balance in customer relationship management and wealth planning.
"Furthermore, its technological advancement in providing automated rebalancing capabilities and asset allocation based on the client's risk profile and market movements allows the bank to be more creative in its delivery method for advisory service and enables our wealth advisors to engage in deeper conversation with customers.
"Through the collaboration, Bank Muamalat will have the crucial advantage in the market and provide Malaysia's first Islamic digital investment platform that gives investors access to Shariah-compliant portfolio that is transparent and impartial," he added.
Meanwhile, Wahed Invest Asia Pacific regional head Syakir Hashim said the MoU is a testament to its expansion in Southeast Asia.
He added that it is also the realisation of its vision in being a part of efforts to grow Malaysia’s Islamic Digital Economy, which is expected to contribute up to 20 per cent to the country’s gross domestic product by 2020.
"Together with Bank Muamalat, we can provide smarter investment options to underserved investors in urban and non-urban areas alike and empower them with better access to a secure financial future.
"With a low starting investment of RM100 and coupled with low fees, this partnership is set to make diversified investments that are ethical and accessible to all," he said.