Bank Muamalat CEO Y. Bhg Dato' Haji Mohd Redza Shah Abdul Wahid said, "The MoU is a start for Bank Muamalat Malaysia Berhad and BLME to work towards the research and development of a viable business model to offer private banking services in Malaysia focusing on offering products and solutions to domestic and cross border clients in Malaysia."
BLME's CEO Humphrey Percy said, "Through this MOU, we hope to work with Bank Muamalat to develop our private banking business further, and to expand the range of our products and services to this increasingly influential region."
In April 2010 Bank Muamalat enhanced its retail consumer business portfolio to include wealth management products as well as services. The enhancement of the portfolio is aimed at providing wealth management solutions through a fully-fledged Islamic banking platform at Bank Muamalat.
During the next year Bank Muamalat will develop working groups with BLME to review the basic structural requirements for the delivery of private banking services, identify synergies between both parties and prepare feasibility studies.
This dynamic collaboration 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.