MIAM is an Islamic fund management company that manages clients' portfolios in accordance with Shariah principles.

The purpose of the Establishment is for Maybank to have an Islamic fund management company under its group of companies as well as  to complement the conventional business entities of MAMG in Malaysia and ASEAN region. On the same note, it will also create an opportunity for MIAM to promote Islamic products in the region by leveraging on the Maybank’s presence.

The authorised share capital of MIAM is RM3,000,000 divided into 3,000,000 ordinary shares of RM1.00 each.  The issued and paid-up share capital of MIAM is RM2 comprising of 2 ordinary shares of RM1.00 each.

 Maybank had on 26 November 2012 obtained Bank Negara Malaysia’s approval for the Establishment pursuant to Section 29 of the Banking and Financial Institutions Act 1989.  In addition, the Securities Commission has also, in principle, approved MIAM to be granted a Capital Market Services License on 5 August 2013, subject to certain conditions to be complied with within the required timeframe.

The Establishment is not expected to have any material impact on the earnings, net assets and gearing of Maybank for the financial year ending 31 December 2013.

To the best of Maybank’s knowledge, none of the Directors and/or major shareholders of Maybank and/or persons connected with them have any interest, direct or indirect in the Establishment.

This announcement is dated 6 September 2013.