Private banking seeks new Islamic niche

It seems logical: combine two of the fastest growing financial sectors in south and south-east Asia – Islamic banking, and private banking – to create a new niche: private banking for rich Muslims in the region. After all, about 350m believers live in the rapidly expanding economies of India, Indonesia and Malaysia. If only a few hundred thousand of them are high-net-worth individuals, the CIMB Private Bank in Malaysia is a pioneer in this segment. It announced in April it would offer high-net-worth individuals with MDollars 1m (Pounds 145,000, Euros 208,000, USDollars 297,000) or more of investable assets a service based on shariah principles…