65% of Malaysian Muslims prefer Shariah-compliant banking

A recent survey by Hong Leong Islamic Bank (HLISB) reveals that 65% of Malaysian Muslims exclusively prefer Shariah-compliant banking and investment products. The survey, which sampled 690 individuals aged 18 to 77, also highlighted a strong interest in Islamic wealth management solutions.

Despite a median monthly household income below RM10,000, 47% of respondents are actively investing, favoring Amanah Saham Nasional Bhd (ASB) funds, Tabung Haji savings, and gold.

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Malaysian Muslims

However, many believe Islamic investments yield lower returns than conventional ones. HLISB aims to challenge this perception by offering competitive Shariah-compliant products that deliver market-standard benefits.

The bank’s CEO, Dafinah Ahmed Hilmi, emphasized that Islamic wealth management is about more than growing personal wealth; it integrates Islamic values and principles to promote social responsibility and equitable sharing of risks and profits.

Lack of documented financial plan

The survey also uncovered that 77% of Malaysian Muslims lack a documented financial plan, despite 84% expressing a desire for wealth. HLISB’s head of Shariah, Akmal Solihi Mohd Yazid, stressed the importance of adherence to Islamic principles in wealth management.

To enhance its Islamic wealth management services, HLISB has launched a podcast, “Market Matters with HLB,” featuring insights into investment strategies and Islamic finance. Upcoming episodes will include discussions with brand ambassadors Lisa Surihani and Alif Satar, focusing on Islamic wealth management.