According to a recent survey conducted by Hong Leong Islamic Bank (HLISB), 65% of Malaysian Muslims prefer to use banking and investment products that are Shariah-compliant. The survey, which involved 690 participants aged 18 to 77, indicates a significant demand for Islamic financial solutions within the community.
The research highlights that 47% of Malaysian Muslims are currently engaged in investments, with the most popular products being Amanah Saham Nasional Berhad (ASB) funds, Tabung Haji savings, and gold commodities. Other popular choices include Malaysian stocks and high-income savings accounts. Despite a perception that Islamic investment products may offer lower returns, HLISB is committed to ensuring that its Shariah-compliant solutions are competitive, providing benefits and returns on par with conventional financial products.
Dafinah Ahmed Hilmi, CEO of HLISB, noted that the survey results underscore the growing market for Islamic wealth management services. She stated, “With Muslims comprising approximately 63.5% of Malaysia’s population, our findings reveal a strong preference for Shariah-compliant banking products.
This reflects a robust demand for financial solutions that adhere to Islamic principles. Islamic banking is not only about personal wealth growth but also about integrating altruism and social responsibility within the financial ecosystem. We are dedicated to offering innovative, Shariah-compliant wealth management services to help Malaysians navigate and prosper within this space.”
The survey also uncovered that 77% of Malaysian Muslims do not have a documented financial plan, even though 84% expressed a desire to build wealth. This gap highlights the need for comprehensive Islamic wealth management strategies that align with Islamic values.
Akmal Solihi Mohd Yazid, Head of Shariah at HLISB, emphasised the importance of responsible wealth management in Islam. “Wealth acquisition, expenditure, and preservation should adhere to Islamic principles. Our Shariah experts ensure that our wealth solutions comply with these guidelines while addressing the diverse needs of our clients.”
HLISB offers a range of Shariah-compliant investment options, including award-winning funds such as HL Dana Makmur and HL Dana Maa’rof, which have achieved impressive five-year annualised returns of 18.45% and 11.41%, respectively, as of 30 June 2024.
For those seeking lower-risk, short-term investments, the bank’s Term Investment Account allows customers to start investing with as little as RM500 for various tenures.
In addition to its investment offerings, HLISB has launched a new wealth management podcast, “Market Matters with HLB,” which provides insights and updates on Islamic wealth management. Upcoming episodes will feature discussions with brand ambassadors Lisa Surihani and Alif Satar on Islamic wealth management strategies.—Business Today
