Global custodian Deutsche Bank has partnered with a Malaysian bank to establish a Shariah-compliant custody service for its Malaysian clients.
The German firm will work with CIMB Islamic Bank on the project. Deutsche Bank will also provide foreign custody services for CIMB Islamic.
The move comes in the wake of regulatory changes made by the Securities Commission as regards the servicing of shariah funds.
Deutsche Bank has also launched new Shariah-compliant custody capabilities in Singapore as a part of a plan to bolster its Shariah-compliant business in the region based on growing demand.
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