KUALA LUMPUR: Four Malaysian Islamic banks — Affin Islamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd and Maybank Islamic Bhd — have established a consortium to develop a multi-bank platform to market investment account products.
The consortium, known as Raeed Holdings Sdn Bhd (Raeed), is equally owned by the four Islamic banks.
The board of directors of Raeed comprises CEOs of the four banks.
Raeed Chairman Datuk Zamani Abdul Ghani said the establishment of the consortium is a ground-breaking initiative in the Malaysian Islamic finance industry.
“This is the first time for Islamic banks in Malaysia to come together and establish an entity to undertake business activities which are of common interest to the banks,” he said in a statement Tuesday.
Zamani is also currently the chairman of Bank Islam and a former deputy governor of Bank Negara Malaysia.
As a start, Raeed has set up a wholly-owned subsidiary, IAP Integrated Sdn Bhd, to develop and operate a multi-bank platform known as the Investment Account Platform (IAP) which was announced in the 2015 Budget.
The IAP will serve as a centralised multi-bank platform that will allow potential investors to view and choose from a wide range of ventures sponsored by the four banks to invest in.
The IAP will provide new financing for entrepreneurs with good and viable projects and opportunities for the private sector as well as the investing public and institutions to finance these projects.