He also hoped that Islamic finance will actually grow to a level whereby it becomes the real alternative to conventional finance. theSun theSundaily Maybank Islamic Singapore wealth management WorldNews
: Maybank Group nine months ago announced its refined corporate strategy, M25+, that will see it driving more meaningful differentiation in five key strategic thrusts and accelerating the development of key capabilities for sustainable long-term growth anchored on a deeper purpose.
During Invest ASEAN, Maybank’s flagship conference held in Singapore recently, its group chief executive officer of Islamic Banking Datuk Mohamed Rafique Merican shared with Bernama the unstoppable journey in pursuing these global aspirations.“We want a place whereby people are comfortable to actually invest or put their money in. We have to be where the people are,” Mohamed Rafique replied.
He noted that Muslims in Malaysia, Indonesia, Brunei, and even from the Gulf Cooperation Council put their money here for obvious reasons such as for “diversification and returns.” The five pillars refer to creation, accumulation, preservation, purification, and distribution that Maybank holds strongly.“From their standpoint, Singapore is open for business. From the engagements with the regulators here, they welcome it because it is a unique proposition. Of course, we have to comply with regulations but we have offered Islamic products here in Singapore for many years.
“Sometimes conventional would say we can provide those things , but can you provide us with that spiritual side? We are following the advice from the Shariah side not just logically legally and what makes sense.”Currently, about 67 per cent of financing for Maybank Malaysia is already Islamic.
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