RHB ISLAMIC ACHIEVES RM3.3 BLN FUNDS IN ISLAMIC WEALTH MANAGEMENT SEGMENT AS OF END-2023

By Sharifah Pirdaus Syed Ali and Karina Imran

KUALA LUMPUR, April 28 (Bernama) -- RHB Islamic Bank Bhd is well-placed at the forefront of gaining momentum in the Islamic Wealth Management (IWM) market, having already secured RM3.3 billion in the segment as of the end of 2023. 

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/-i, Islamic unit trust products, estate planning, and trust propositions.

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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, ensuring 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 purified portfolio. With our comprehensive suite of Islamic wealth management products, RHB Islamic is well-positioned to capitalise on the burgeoning IWM market,” he told Bernama. 

He explained that RHB Islamic, with a dedicated Shariah Committee, 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. 

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

“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. 

“RHB Islamic actively engages in social finance initiatives driven by Islamic social capitals like zakat, waqf, and sadaqah,” he added. 

On its dedication to social inclusion and empowerment, RHB Islamic empowers individuals from the B40 segment to launch their 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.

Additionally, the bank fosters collaborations 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 not only enhances RHB Islamic’s expertise but also 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. 

“RHB Islamic stands out as a leader in IWM, offering a comprehensive suite of Shariah-compliant solutions to drive financial inclusion, sustainability, and ethical finance for all,” he said. 

-- BERNAMA