Maybank Investment Bank has tapped Broadridge Financial Solutions to create and launch a Sharia-compliant SBL offering.
Using Broadridge’s advanced Securities Finance and Collateral Management (SFCM) solution, the Malaysian-based organisation has managed to create and launch innovative proprietary technology for its securities borrowing and lending (SBL) business, that is set to be a hit with investors.
The new Sharia-compliant platform is set to offer consumers a better customer experience, and boasts a superior cost management system through automation and straight-through processing (STP) functionalities.
Tengku Ariff Azhar, Maybank Investment Bank’s chief operating officer, said: “The combined expertise of Broadridge and Maybank IB resulted in a comprehensive end-to-end platform with trading capabilities, operational efficiency and connectivity.
“This partnership enabled us to swiftly bring this product to market while adhering to the regulatory framework provided by Bursa Malaysia. We target to be the first in Malaysia to offer Sharia-compliant SBL for retail investors next year.”
Maybank IB is part of Maybank Investment Banking Group, the wholly-owned investment banking arm of Maybank, Southeast Asia’s fourth-largest bank by assets.
In similar news, Mnaara, a FinTech that offers investors access to global private funds while complying with Islamic finance principles, has raised $500,000 in pre-seed funds.
The London-based company plans to launch later this year and is set to offer an all-digital investment platform that will give users equitable access to Sharia-compliant global private markets.
The funds follow strict Sharia screening guidelines which limit and control non-ethical activities in Islamic finance, such as gambling, tobacco, alcohol, and arms.
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