KUALA LUMPUR: Maybank Islamic Bhd will launch a syariah-compliant pound sterling-denominated mortgage product targeting at high net worth Malaysians looking to invest in London-based properties.
Its chief executive officer Muzaffar Hisham said the product will be launched during the World Islamic Economic Forum (WIEF) in London next month.
"A similar product already exists in our conventional portfolio but this will be the first syariah-compliant pound sterling-denominated offering from us."
Muzaffar, however, declined to comment on the expected take-up of the new product, while noting that the product is also open to non-Malaysians and will be tailored to meet customers' needs.
"We may look into opening another Maybank Group branch (in London) but only if there is demand for it," he said when asked whether Maybank is looking at opening more branches in the United Kingdom.
However, he stressed that what mattered is the bank's strategic partnership with WIEF and the city of London, which will further strengthen Maybank's position globally.
"We are the leader in Malaysia and Asean and we are looking at making inroads into the Middle Eastern and European markets," he said at the briefing on WIEF.
Also present were Deputy Mayor of London Sir Edward Lister and WIEF managing director Datuk Syed Abu Bakar Almohdzar.
According to Muzaffar, Maybank Islamic will announce a number of developments during the WIEF.
He also said the bank is one of the mandated lead advisers of a pound sterling-denominated property investment of a corporate entity in London.
Details of the investment will probably be announced during the WIEF, he added.
The ninth WIEF will be held from October 29 to 31, and for the first time, outside of an Islamic country.
Meanwhile, Lister said London is honoured to be given the opportunity to host the WIEF.
"London is the biggest non-OIC (Organisation of the Islamic Cooperation) Islamic hub and we view Islamic finance as an opportunity to look at different way of financing," he said.
Some RM28 billion of deals were finalised during the eighth WIEF last year.