MoU Exchange Ceremony between Bank Muamalat Malaysia Berhad and Wahed Investment Malaysia

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Kuala Lumpur, 27 Nov. – Bank Muamalat Malaysia Berhad (Bank Muamalat) signed a Memorandum of Understanding (MoU) with Wahed Investment Malaysia on a potential collaboration to promote Wahed Invest’s products and services on Bank Muamalat’s distribution channels to the customers today.

Bank Muamalat is a leading Islamic bank established on 1 October 1999, and is governed by Islamic Financial Services Act 2013 (IFSA). As a full-fledged Islamic financial institution, the bank offers its clients a broad range of services from deposit accounts, asset management, financing needs for automobiles, homes and personal use as well as wealth management including takaful, investments and many more to meet the needs of both individuals and institutions.

Meanwhile, Wahed Invest offers an automated investing service designed for Shariah and ethical investing, that allows investors from all income brackets to invest their savings ethically and efficiently.

Both Bank Muamalat and Wahed Invest will re-assess the term of collaboration and systems that will be officially launched in the first quarter of 2020. They are expecting the system to be leveraged on Wahed Invest application, where the venture will focus more on the market outreach. While Bank Muamalat will have the crucial advantage to market and provide Malaysia’s first Islamic digital investment platform that allows investors and its clients to access to Shariah-compliant portfolio that is transparent and impartial with the aim of empowering Malaysians at large to take effective control of their financial growth potential.

Wahed Invest’s expansion into Malaysia provides the opportunity for us to support the nation’s growing Islamic digital economy.

Zury Rahimee Zainal Abiden, Head, Consumer Banking Division

When asked by the media about the implementation of blockchain technology to their system, Syakir Hashim, Regional Head of Asia Pacific for Wahed Invest Malaysia said, “for now, we have no plan for the adaptation of blockchain, but we will look forward to it if it is massively leveraged in the real-world application”.

The exchange of MoU document between Zury Rahimee and Country Director of Wahed Invest, Mohd Izzat Fadhli was witnessed by Syakir Hashim. The MoU is not only bringing the digital investment opportunity, it also upholds Malaysia to a new era of financial technology (fintech) where the country definitely should participate.

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