Maybank Establishes New Islamic Asset Management Unit
News: Malaysian financial services provider Maybank has formed a new firm focussed on the provision of Shari'a-compliant asset management services, according to the Free Malaysia Today. The new firm operates under the name Maybank Islamic Asset Management, with services offered including a fixed-price Shari'a real estate-backed fund. As of October 2013, Maybank holds US$8bn in Islamic assets under management.
BMI View: Our view that Malaysia's leading status as the largest issuer of Islamic banking products globally would give local banks a significant international advantage over their foreign competitors is playing out nicely. We expect revenue from external markets to continue to boost overall profits for the Islamic banking industry going forward.