CIMB to launch new Islamic products in Singapore and Indonesia in 2012

CIMB Group will introduce new Islamic products in Indonesia and Singapore this year through its Islamic units in the two countries.

The bank is looking at introducing Islamic wealth management products and services as well as basic consumer banking products such as deposits for the two countries.

CIMB Group's Head of Group Islamic Banking Division Badlisyah Abdul Ghani said the new products would be introduced in stages throughout the year.

In Singapore, the new product will be launched through the Islamic window of CIMB Group's branch, CIMB Bank (Singapore) Ltd.

"For Indonesia, we already have many products including basic deposits. But there is at present, limited Islamic wealth management products and services available in the Indonesian market. We intend to fill the gap," Badlisyah told Bernama.

As for Singapore, he said the bank had identified the products to be introduced next year, but declined to elaborate. "We see demand for the products that we intend to introduce in Singapore," he added.

He said the Islamic units in Singapore and Indonesia had been profitable, contributing about three per cent to the bank's overall Islamic banking and financial regional business in Asean.

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Tags: Islamic products, Singaporean market, Indonesian market