| Corporate
Information : Media
Release
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Maybank launches first Islamic structured deposit in the region
Short tenure of 12 months. Targets investors interested in the commodities market
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| Maybank, currently the largest Islamic banking service provider in Asia-Pacific with over US$6.4 billion in Syariah-compliant assets (as at June 2006), has launched the Premier Structured Deposit in Singapore. This is the first Syariah-compliant structured deposit in the region, and will add diversity to the Islamic banking offerings in the Singapore market. |
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| The Premier Structured Deposit has a short 12-month tenure and offers the retail investor exposure to the commodities market, in particular the base metal (copper, nickel, aluminium, zinc) market while offering 100% principal guarantee if held till maturity. |
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Placements can be made at any of Maybank’s 22 Branches in Singapore. Investors can choose to make placements in U.S. or Singapore currency, with a minimum investment amount of US$25,000 or S$25,000. |
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Projected Returns (based on historical earnings)* |
Minimum investment amount |
Maximum return |
US$25,000 |
12% |
S$25,000 |
6.5% |
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* Actual return depends on performance of the underlying asset and would be subjected to profit sharing |
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With features attractive to both Muslim and non-Muslim investors, coupled with the increased awareness of Islamic banking products and a growing interest in the commodities market, the Premier Structured Deposit is projected to double the current contribution of the Islamic Banking portfolio to Maybank Singapore’s total operations. |
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| “We are now able to structure complex products to comply with Syariah guidelines, and offer them to both retail and institutional customers. But being Syariah-compliant does not mean we only want to attract Muslim investors. In fact, through this product, retail investors now have access to the commodities market which has been experiencing growth in the last 2 to 3 years. Much of this has been due to the industrial growth of China, and we see this trend continuing for a while.” said Mr. Rosli Bin Mohd Yusof, Head, Islamic Banking of Maybank Singapore. “We hope to see good response from the individual and institutional investors for this product.” |
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| In Malaysia, as at June 2006, Maybank already has the largest market share of 28% in Islamic banking. |
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| About Maybank |
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| The Maybank Group is the largest banking group in Malaysia and has been leading the banking industry for over three and a half decades. Globally, Maybank is present in 12 countries. In the ASEAN region, Maybank is among the top five banks with total assets of S$85 billion as at June 2006 and the Bank's biggest overseas presence is in Singapore. Maybank has also been ranked as Asia’s 5th Best Big Bank according to a survey conducted by Mercer Oliver Wyman. |
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| Maybank started its operations in Singapore in 1960 and is a Qualifying Full Bank with the most extensive network amongst the QFBs with 27 service locations (22 Branches and 5 Offsite ATMs) and 187 ATMs from the atm5 shared ATM network. All the Branches and ATMs are strategically located in both the business districts and the suburban areas for the convenience of our customers. |
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| Maybank started its Islamic Banking operations in Malaysia on 4 March 1993, followed by Singapore in November 2005. Maybank's strong home market position in Malaysia has enabled the Bank to expand overseas in Bahrain, Labuan, London and Singapore. |
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| Maybank holds over US$6.4 billion in Syariah-compliant assets, and is the Largest Islamic Banking Service Provider in the Asia-Pacific Region - based on The Asian Banker Islamic Bank 40 (IB40) survey. |
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| Under Islamic Banking in Singapore, Maybank offers the iSavvy Savings Account-i, which comes with a special dividend-on-dividend feature, as well as the PremierOne Account-i, a Syariah-compliant two-in-one checking and savings account. |
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| Maybank has always been customer-centric and is continually pursuing initiatives to better serve our customers in anticipation of their evolving needs. |
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| 05 February 2007 |