Deutsche Bank (Malaysia) Berhad (DBMB) has launched a Shari’ah-compliant custody and fund services product Islamic Securities Services (SS-i) to complement its suite of Islamic banking products in Malaysia, reported the Asian Banker.
In addition to existing core custody and fund services, SS-i provides value-added services to Islamic fund clients in their management of Shari’ah compliance and governance activities. These include provision of Shari’ah-tagging, income cleansing and financial statement preparation activities.
The Islamic banking business in Malaysia is conducted by Deutsche Bank Malaysia Berhad through its Islamic banking window and Deutsche Bank, an International Islamic Banking branch.
Since the launch of both the Islamic banking window and international Islamic banking branch on 20 April 2009 and 1 March 2010 respectively, new Islamic banking products ranging from retail and corporate to treasury and capital market-based products, have been introduced to meet the growing demand for Islamic banking products in Malaysia.
Ridzal Sheriff, head of global transaction banking at DBMB, said: “Deutsche Bank has a proven track record of providing innovative end-to-end custody solutions to its clients. Targeted at both domestic and foreign Islamic fund providers, SS-i facilitates our clients in achieving Shari’ah-compliance in their operational and day-to-day activities, ensuring Shari’ah transparency to their end investors,” reported the website.