Deutsche Bank and CIMB Islamic partner on Shariah custody
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Deutsche Bank and CIMB Islamic partner on Shariah custody 11 December 2023Malaysia Reporter: Lucy Carter
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Deutsche Bank has partnered with CIMB Islamic Bank Berhad to provide Shariah compliant custody services to clients in Malaysia. The firm has also been selected to support foreign custody services for CIMB Islamic with its CustodyOne product.
Fund managers governed by the Securities Commission’s guidelines for Shariah capital markets products are the focus of the initiative, Deutsche Bank says.
The firm has also launched Shariah-compliant custody services in Singapore, facilitating easier global access for clients and complementing the existing CustodyOne offering in the region.
This new offering follows a growing demand for Shariah custody services in Singapore, particularly from domestic clients seeking to expand their ASEAN operations, according to the bank.
Samir Dhamankar, head of securities services for ASEAN at Deutsche Bank, says: “Together, we can offer our clients 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.”
Ahmad Shahriman Mohd Shariff, CEO of CIMB Islamic, comments: “CIMB Islamic remains at the forefront of offering attractive propositions to cater to the growing demand for Shariah compliant products and services.”
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