KUALA LUMPUR, 28 November 2019 – Bank Muamalat Malaysia Berhad (Bank Muamalat) today signed a Memorandum of Understanding (MoU) with Wahed Invest Malaysia on collaboration to promote WAHED INVEST’s product and services on Bank Muamalat’s distribution channels to the customers.
At a Memorandum of Understanding (MoU) exchange ceremony to mark the bank’s participation in the programme here today, Wahed Invest was represented by Syakir Hashim, Regional Head of Asia Pacific for Wahed Invest Malaysia, while Bank Muamalat was represented by its Chief Executive Officer, Khairul Kamarudin.
At the event, Khairul said that Bank Muamalat constantly seeks innovative solutions for the benefit of its customers and collaborating with Wahed Invest Malaysia in providing digital investment channels to its customers is in keeping with the shifting customer preference towards mobile accessibility. He said Bank Muamalat had been contemplating such a move for some time but the opportunity only now presented itself with the arrival of Wahed Invest Malaysia, the first shariah compliant licensed digital investment management platform.
Wahed Invest recently obtained the first Islamic Digital Investment Management license by the Securities Commission to offer Malaysians a worry-free, smarter investment option in ethical, global stocks. In his address, Bank Muamalat CEO Khairul said the initiative is a perfect match as both companies value sustainable and ethical investments in line with shariah laws as well as Muamalat’s membership with the Global Alliance for Banking on Values (GABV), views this initiative as an important milestone towards delivering value to our customers. It is also a testament to supporting the nation’s growing Islamic digital economy of which we are excited to be a part of. Wahed Invest’s expansion into Malaysia, provides the opportunity for us to do so within the framework of Maqasid Shariah.
First launched in 2017, US based Wahed Invest, expanded into the UK market in 2018 and recently rolled out its plans for an expansion into Southeast Asia by launching in Malaysia, making it the Regional Hub for its operations. The MoU between Bank Muamalat and Wahed Invest bridges the digital solution to potential investors who have previously not been exposed to such opportunities, and designed to readily attract younger generation of investors.
Syakir Hashim, Regional Head of Asia Pacific for Wahed Invest highlighted that Malaysia’s Islamic Finance is at the tipping point of a new era that is rooted in technology and innovation and this MoU is a testament to its expansion in Southeast Asia and its vision in being a part of growing Malaysia’s Islamic Digital Economy, that is expected to contribute up to 20% to Malaysia’s GDP by 2020. Syakir added that together with a dynamic financial institution like Bank Muamalat at Wahed’s side, they 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.
In his speech, Syakir acknowledges Bank Muamalat’s foray into digital investments as an opportunity to further catapult Wahed’s platform following its recent introduction into Malaysia. With a low starting investment coupled with low fees, he notes that this partnership is set to making diversified investments that are ethical and accessible to all, as well as aim to benefit potential investors nationwide. Investors will have access to a smarter investment that not only takes care of their wealth, but also encourages them to take charge of their financial well-being, Syakir added.
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