Deutsche Bank and CIMB Partner to Expand Shariah Custody Services in Malaysia and Singapore

(From left) Anand Rengarajan, Global Head of Sales & Head of Asia, Pacific, Securities Services, Deutsche Bank; Sylvia Beh, CEO, Deutsche Trustees Malaysia Berhad; Margaux Blumenfeld, Head of APAC Coverage, Non-Bank Financial Institutions & Head of Securities Services Sales, South Asia, Deutsche Bank; Richard Lim, Head of Securities Services Malaysia, Deutsche Bank (Malaysia) Berhad; Datin Ezreen Eliza Zulkiplee, Head of Securities Services and CEO of CIMB Commerce Trustee Berhad & CIMB Islamic Trustee Berhad; Lawrence Loh, Co-CEO, Group Commercial & Transaction Banking, CIMB and Ahmad Shahriman Shariff, CEO, CIMB Islamic at a recent signing ceremony.

(IN BRIEF) Deutsche Bank has partnered with CIMB, a major Malaysian bank, to offer Shariah custody services to clients in Malaysia, aligning with new regulatory guidelines. The collaboration aims to serve fund managers adhering to Shariah capital market guidelines. Deutsche Bank has also introduced Shariah-compliant custody services in Singapore to meet growing demand. This partnership strengthens Islamic finance offerings in the ASEAN region. Malaysia holds the largest share of global Shariah funds assets, and Southeast Asia dominates the Asia Pacific market, expected to grow by 8% over the next two years.

(PRESS RELEASE) FRANKFURT, 11-Dec-2023 — /EuropaWire/ —  Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB), Germany’s leading multinational investment bank and financial services company, has entered into a strategic partnership with CIMB, one of Malaysia’s prominent banks, to offer Shariah custody services to clients in Malaysia. This collaboration aims to provide regulatory-compliant services in accordance with the Securities Commission’s guidelines, primarily targeting fund managers operating in the Shariah capital markets. Additionally, Deutsche Bank has launched Shariah-compliant custody capabilities in Singapore, enhancing its global CustodyOne offering and meeting the rising demand for Shariah custody services.

Deutsche Bank’s Head of Securities Services for ASEAN, Samir Dhamankar, expressed their commitment to the ASEAN region and helping clients expand in the Shariah custody segment. “We are pleased to partner with CIMB Islamic, being one of the top banking institutions in the ASEAN region as well as a cornerstone of the Malaysian banking landscape. Together, we can offer our clients market-leading Shariah custody that meets industry standards and fulfils regulatory requirements in Malaysia. We are committed to the ASEAN region and helping our clients grow in this unique and increasingly important segment.”

CIMB Islamic’s CEO, Ahmad Shahriman Mohd Shariff, emphasized their dedication to advancing Islamic finance in collaboration with Deutsche Bank. “CIMB Islamic remains at the forefront of offering attractive propositions to cater to the growing demand for Shariah compliant products and services. We are pleased to partner with Deutsche Bank to strengthen their Shariah services and deliver on our long-term growth objectives of advancing Islamic finance, in line with Bank Negara Malaysia’s Financial Sector Blueprint.”

Lawrence Loh, CIMB Group’s Co-Chief Executive Officer of Group Commercial and Transaction Banking, highlighted their strategic partnership to support clients in Malaysia and expand foreign custody services in numerous markets. “As a leading financial intermediary, we continuously foster strategic partnerships that prioritise the needs of our valued customers. This partnership augurs that drive, and we are pleased to collaborate with Deutsche Bank, not only to support their clients in Malaysia, but to expand our foreign custody services in over 100 markets.”

The global Shariah funds industry had assets under management totaling $105 billion as of Q2 2023, with Malaysia holding the largest share at 27%. Southeast Asia represents 80% of Asia Pacific’s Shariah banking assets, and the market is expected to grow by 8% in the next two years, with Malaysia and Indonesia being the dominant players in the region.

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SOURCE: Deutsche Bank AG