Boost for Islamic products


STANDARD Chartered Bank Malaysia Bhd (StanChart) is confident of good growth in the Islamic banking sector next year and will embark on an aggressive drive to promote its Islamic banking products. 

Its Islamic Banking and Bumiputra Development Division head Ahmad Fuad Mohd Ali said the awareness of Islamic banking products in Malaysia had been growing over the past few years. 

“More non-Muslims are beginning to know that Islamic banking is open to them and not confined to Muslim customers only,” he said. 

Ahmad Fuad said this after the signing of a third party distribution agreement between StanChart, and Takaful Nasional Sdn Bhd and Amanah Hibah Sdn Bhd in Kuala Lumpur yesterday. 

Ahmad Fuad said the bank hoped to introduce more Islamic banking products next year to provide customers a choice between conventional banking and Islamic banking. 

At the signing yesterday, StanChart was represented by Ahmad Fuad, Takaful Nasional by its chief executive officer Aminuddin Mohd Desa and Amanah Hibah by its chief executive officer Amir Bahari. 

Under the agreement, StanChart would distribute Islamic Insurance products from Takaful Nasional and Islamic Wills products from Amanah Hibah through its branches. 

Amir said that Islamic will-writing services had good growth potential as more people were becoming aware of the hassles created by intestacy. 

StanChart Malaysia chief executive officer Shayne Nelson said the bank was already the biggest third party distributor of Islamic unit trusts with 18 Islamic unit trusts representing 15 fund houses. 

“With the signing of the two strategic alliances today, our Islamic range of wealth management products is now complete. We are confident that we will be able to play a major role in supporting the government’s aspiration to make Malaysia the regional centre for Islamic banking and finance,” he said. 

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