Game changer for Maybank Islamic

Malaysia’s Maybank Islamic Bhd says the investment account (IA) business is set to be a game changer for the group in its effort to boost earnings growth amid the subdued banking landscape. The Islamic lender, which has total assets worth close to RM147bil, will focus on its new mudarabah (profit-sharing) investment fund launched in July last year in view of the Islamic Financial Services Act (IFSA) 2013. Describing the IA business as “the evolution of the next phase of growth”, Maybank Islamic chief executive officer Datuk Muzaffar Hisham said that demand for the IA business has shot up significantly, as the value of its mudarabah fund rose to RM18bil in the last six months of 2015.