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RHB Islamic Leading the Islamic Wealth Management Segment With RM3.3 Bil Achieved

KUALA LUMPUR: RHB Islamic Bank Bhd is gaining momentum in the Islamic Wealth Management (IWM) market, having already secured RM3.3 billion in the segment as of the end of 2023.

Adissadikin Ali

In October 2023, the bank launched the IWM portal with the target of achieving RM6 billion funds in the segment by end-2026, driven by RHB Multi-Currency Visa Debit Card/-1, Islamic unit trusts products, estate planning and trust propositions.

Its Managing Director Datuk Adissadikin Ali said IWM revolved around responsible wealth management guided by Shariah principles, which encompasses a holistic approach to wealth creation and accumulation, protection, purification and distribution to ensure both short-term financial success and long-term sustainability.

“More importantly, we help guide our customers at every step of their wealth management journey, from halal investments to zakat and waqf for a better portfolio,” Adissadikin said.

He explained that RHB Islamic has a dedicated Shariah Committee that would ensure that all its products and services are Shariah-compliant to ease the minds of its customers.

Moreover, innovation is central to RHB Islamic’s IWM approach as the bank continuously adapts to evolving customer needs and regulatory requirements by leveraging technology and digital platforms.

According to Adissadikin, RHB Islamic enhances accessibility to IWM for a wider audience, including individual investors and businesses, through user-friendly online investment platforms and mobile applications.

“More importantly, we prioritise sustainability by integrating environmental, social and governance (ESG) elements into the IWM offerings to ensure that the bank’s products not only yield financial returns but also contribute positively to society and the environment, meeting the growing demand for socially responsible investments.

On its dedication to social inclusion, RHB Islamic empowers individuals from the B40 segment to launch their own businesses, fostering financial independence with the B40 Empowerment Strategy – Be Your Own Boss (BEST-BYOB) programme, while the B40 Education Empowerment Programme (BEEP) provides educational opportunities for underprivileged individuals.

The bank also fosters collaboration within the industry to drive growth and development in Islamic finance by working closely with other financial institutions, regulatory bodies and industry associations.

“The collaborative approach enhances RHB Islamic’s expertise and promotes knowledge sharing and best practices within the industry.

“With Malaysia’s well-established position as a global hub for Islamic finance, a robust regulatory framework and a diverse range of Shariah-compliant products attracting local and international investors, IWM is set to play an increasingly important role,” Adissadikin said.

— BERNAMA

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