Deutsche Bank has today announced a partnership with CIMB Islamic Bank Berhad (“CIMB Islamic”) that will allow it to provide compliant Shariah custody to clients in Malaysia and complement its existing Shariah custody business in the region. In addition, Deutsche Bank is being appointed by CIMB Islamic to support its foreign custody services with its CustodyOne product.

The partnership involves Deutsche Bank complementing its existing Shariah custody function with CIMB Islamic’s, to offer clients in Malaysia regulatory compliant services (in line with guideline changes made by the Securities Commission in late 2022). The majority of targeted clients are fund managers governed by the Securities Commission’s guidelines for Shariah capital markets products.

Also in Southeast Asia, Deutsche Bank has just launched new Shariah compliant custody capabilities in Singapore, which will complement its CustodyOne offering, making global access simple for clients. As a global bank with a strong presence in Singapore, Deutsche Bank is focused on meeting the growing demand for Shariah custody, particularly as domestic clients are expanding their operations across ASEAN.

Deutsche Bank’s Head of Securities Services for ASEAN, Samir Dhamankar said: “We are pleased to partner with CIMB Islamic, being one of the top banking institutions in the ASEAN region as well as a cornerstone of the Malaysian banking landscape. Together, we can offer our clients market-leading Shariah custody that meets industry standards and fulfils regulatory requirements in Malaysia. We are committed to the ASEAN region and helping our clients grow in this unique and increasingly important segment.”

Ahmad Shahriman Mohd Shariff, Chief Executive Officer of CIMB Islamic added, “CIMB Islamic remains at the forefront of offering attractive propositions to cater to the growing demand for Shariah compliant products and services. We are pleased to partner with Deutsche Bank to strengthen their Shariah services and deliver on our long-term growth objectives of advancing Islamic finance, in line with Bank Negara Malaysia’s Financial Sector Blueprint.”

CIMB Group’s Co-Chief Executive Officer of Group Commercial and Transaction Banking, Lawrence Loh said, “As a leading financial intermediary, we continuously foster strategic partnerships that prioritise the needs of our valued customers. This partnership augurs that drive, and we are pleased to collaborate with Deutsche Bank, not only to support their clients in Malaysia, but to expand our foreign custody services in over 100 markets.” Shariah funds globally held $105 billion in assets under management as of the end of Q2 2023 and Malaysia held the largest share of this total with 27% [1] for 80% of Asia Pacific’s total Shariah banking assets and market growth is forecasted at 8% over the next two years. Malaysia and Indonesia are the most dominant markets for Shariah banking in Asia Pacific [2]

.About Deutsche Bank

Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.

This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 12 March 2021 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.

About CIMB

CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM57.9 billion as at 30 September 2023. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines). Beyond ASEAN, the Group has market presence in China, Hong Kong, South Korea, the US and UK. CIMB has one of the most extensive retail branch networks in ASEAN with 601 branches and around 33,000 employees as at 30 June 2023. CIMB’s investment banking arm is one of the largest Asia Pacific-based investment banks, which together with its award-winning treasury & markets and corporate banking units comprise the Group’s leading wholesale banking franchise.

CIMB is also the 92.5% shareholder of Bank CIMB Niaga in Indonesia, and 94.8% shareholder of CIMB Thai in Thailand.

Deutsche Bank AG
Media Relations
Kate Fields
Email: kate.fields@db.com

. Southeast Asia accounts
[1] Fitch Ratings special report
[2] Malaysian Investment Development Authority