CIMB to introduce Islamic private banking in Malaysia

CIMB Group is to launch the Malaysia’s first fully fledged private banking service based on sharia principles this year.

The new private banking service targets high-net-worth individuals who have more than RM1 million (US$ 289,735) in investable assets and require wealth management services, advisory and investment products that conform to sharia principles.

“The time is right to introduce such a service as there is an increasing interest among investors, both local and abroad, for Islamic wealth management products including sukuk, equity-linked notes and structured products to name a few,” says Yeoh Keat Seng

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