Bank Muamalat plans to meet the growing demand for shariah compliant products in the region with the partnership.
Under the deal, BLME will develop banking products and services including Islamic wealth management products and services for Malaysian market.
Bank Muamalat CEO Datuk Haji Mohd Redza Shah Abdul Wahid was quoted by CPI Financial as saying: "The signing of the MoU is the start of a joint venture for Bank Muamalat Malaysia Berhad and BLME to work towards the research and development of a viable business model that offers private banking services, products and solutions to domestic and cross-border clients in Malaysia.
"Islamic wealth management is becoming more international in scope. Accordingly, this dynamic collaboration between BLME and Bank Muamalat is aimed at enhancing Islamic banking values through the development of a competitive Islamic Private Banking platform which will bridge the UK, Middle East and Asian Islamic financial markets."
Currently, Malaysia accounts for 25% of global Islamic finance market, including 6% contribution from Bank Mualamat.
