The demand for Shariah-compliant banking and investment products among Malaysian Muslims is on the rise, with a recent survey conducted by Hong Leong Islamic Bank revealing that 65% of Malaysian Muslims prefer exclusively Shariah-compliant options. This preference highlights the importance of aligning financial decisions with Islamic principles for a significant portion of the population.
The survey, which included 690 Malaysian Muslims aged between 18 – 77 years old, also found that 47% of respondents are currently investing in various financial products. The top three investment choices among Malaysian Muslims were Amanah Saham Nasional Berhad (ASB) funds, Tabung Haji savings, and gold commodities. This indicates a growing interest in diversifying investment portfolios while adhering to Shariah principles.
Despite the perception that Islamic investment products may offer lower benefits, Hong Leong Islamic Bank (HLISB) is committed to providing competitive and market-standard benefits to customers who choose Shariah-compliant solutions. This ensures that Islamic banking products can offer comparable returns to their conventional counterparts, meeting the needs of customers seeking ethical and compliant financial options.
Dafinah Ahmed Hilmi, CEO of Hong Leong Islamic Bank, emphasized the opportunity presented by the survey results to offer comprehensive wealth management services aligned with Islamic wealth principles. With Muslims making up a significant portion of the Malaysian population, there is a growing market for Shariah-compliant banking and investment solutions that cater to the unique needs and values of this demographic.
The survey also revealed that a large percentage of Malaysian Muslims do not have a documented financial plan, despite expressing a desire to build wealth. This underscores the importance of educating individuals on the benefits of Islamic wealth management strategies that align with Islamic principles and values.
HLISB’s Head of Shariah, Akmal Solihi Mohd Yazid, highlighted the significance of Islamic wealth management in ensuring that the acquisition, expenditure, and preservation of wealth are conducted in accordance with Islamic principles. With a team of dedicated Shariah experts, HLISB aims to provide tailor-made wealth solutions that meet stringent Shariah guidelines while addressing the diverse needs of customers.
Customers looking to embark on Shariah-compliant investment journeys can access a range of award-winning Islamic funds offered by HLISB, such as HL Dana Makmur and HL Dana Maa’rof, which have generated impressive returns over the years. Additionally, HLISB’s Term Investment Account provides a low-risk investment option for those looking for shorter-term investments.
In line with enhancing its Islamic wealth management advisory services, Hong Leong Islamic Bank has launched a wealth management podcast titled “Market Matters with HLB”. This podcast aims to equip the public with insights and knowledge regarding investments and HLISB’s wealth management solutions, including a deep dive into Islamic wealth management with HLB’s brand ambassadors Lisa Surihani and Alif Satar.
Overall, the growing demand for Shariah-compliant banking and investment products in Malaysia underscores the importance of offering comprehensive and competitive solutions that cater to the unique needs of Muslim consumers. HLISB’s commitment to providing ethical and compliant financial options positions it as a leading provider of Islamic wealth management services in the region.
