65 Pct Malaysian Muslims Prefer Shariah-compliant Banking, Investment Products - HLISB

KUALA LUMPUR, Aug 15 (Bernama) -- 65 per cent of Malaysian Muslims would choose Shariah-compliant banking and investment products, according to a Hong Leong Islamic Bank Bhd (HLISB) survey. 

As such, the survey results presented an opportunity for the bank to leverage a growing market in offering a comprehensive wealth management approach aligned with Islamic wealth principles, HLISB chief executive officer Dafinah Ahmed Hilmi said in a statement today.

“In Islamic banking, investments are not just about growing your personal wealth, but they serve as a vital component within the Islamic wealth management ecosystem, an end-to-end framework that addresses the creation, accumulation, distribution, preservation, and purification of wealth.

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“Built on Islamic values and Shariah principles, this comprehensive approach actively promotes altruism and social responsibility, ensuring risks and profits are shared between those who are in need and those who have excess,” she said.

The HLISB survey was conducted among 690 Malaysian Muslims aged between 18 and 77 years old, most of whom recorded a median monthly household income of below RM10,000.

Additionally, the bank reported that 47 per cent of Malaysian Muslims claimed to be currently investing, with the top three choices being Amanah Saham Nasional Bhd funds, Tabung Haji savings, and gold commodities, followed by Malaysian stocks and high-income savings accounts.

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However, it said 77 per cent of the respondents did not have a documented financial plan, despite 84 per cent of them claiming to have the desire to be wealthy.

Meanwhile, HLISB head of Shariah Akmal Solihi Mohd Yazid highlighted the significance of Islamic wealth management and how the bank wanted to help its customers utilise it to its full potential.

“In Islam, the acquisition, expenditure and preservation of wealth should be conducted properly and responsibly, adhering to Islamic principles, which led to contemporary Muslim scholars creating a set of guidelines that ensures the entire wealth journey complies with these Islamic rules.

“With a team of dedicated Shariah experts and a proven track record in Islamic finance, we ensure that our tailor-made wealth solutions meet these stringent Shariah guidelines while fulfilling the diversified needs of our customers,” he said. 

-- BERNAMA