Bank of London and The Middle East plc (BLME) announced today that it has signed a Memorandum of Understanding (MoU) with Bank Muamalat Malaysia Berhad (Bank Muamalat).
The MoU, signed by Y.Bhg. Dato' Haji Mohd Redza Shah Abdul Wahid, CEO of Bank Muamalat, and Humphrey Percy, CEO of BLME, annouced the development of a collaborative Shari'ah compliant private banking offering in Malaysia to meet the demands of High Net Worth Individuals (HNWIs), domestically and globally, by providing a wide range of Islamic Wealth Management products and services.
Humphrey Percy commented, "We are delighted to collaborate with Bank Muamalat to expand the range of our products and services to this increasingly influential market. We have seen a significant increase in demand for Shari'ah compliant products globally and with wealth management continuing to be a strategic priority for BLME, this partnership was the natural next step."
Dato' Haji Mohd Redza said, "The signing of today's MoU is the start of a joint venture for Bank Muamalat Malaysia Berhad and BLME to work towards the research and development of a viable business model that offers private banking services, products and solutions to domestic and cross-border clients in Malaysia.
"Islamic wealth management is becoming more international in scope. Accordingly, this dynamic collaboration between BLME and Bank Muamalat is aimed at enhancing Islamic banking values through the development of a competitive Islamic Private Banking platform which will bridge the UK, Middle East and Asian Islamic financial markets."