Deutsche Bank boosts Shariah Custody in SEA with CIMB partnership and Singapore launch
By Gloria Mathias
Deutsche Bank has partnered with CIMB, one of Malaysia’s banks, to provide Shariah custody to clients in Malaysia. The bank has been selected by CIMB to support its foreign custody services with its CustodyOne product.
The partnership involves Deutsche Bank complementing its existing Shariah custody function with CIMB’s, to offer clients in Malaysia regulatory-compliant services. Most targeted clients are fund managers governed by the Securities Commission’s guidelines for Shariah capital markets products.
Also in Southeast Asia, Deutsche Bank has launched new Shariah-compliant custody capabilities in Singapore, which will complement its CustodyOne offering, making global access simple for clients. As a global bank with a strong presence in Singapore, Deutsche Bank is focused on meeting the demand for Shariah custody, particularly as domestic clients are expanding their operations across ASEAN.
Deutsche Bank’s Head of Securities Services for ASEAN, Samir Dhamankar said, “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.”
Ahmad Shahriman Mohd Shariff, CEO of CIMB Islamic added, “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.”
CIMB Group’s Co-CEO of Group Commercial and Transaction Banking, Lawrence Loh said, “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.”
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