Maybank taps Broadridge for Shariah-compliant securities borrowing and lending in Malaysia

Rick Steves

“We are thrilled to strengthen our partnership with Maybank Investment Bank and jointly deliver our securities lending and borrowing service offering, encompassing multi-custody principal and agency trading models.”

Malaysia-based Maybank Investment Bank Berhad has joined forces with Broadridge Financial Solutions to enhance its securities borrowing and lending (SBL) business.

Leveraging Broadridge’s Securities Finance and Collateral Management (SFCM) solution, Maybank IB has launched a new SBL offering designed for institutional investors.

This innovative platform utilizes proprietary technology, ensuring a fast, transparent, and Shariah-compliant front-to-back solution, covering a securities lending and borrowing service offering, encompassing multi-custody principal and agency trading models.

Multi-custody principal and agency trading models

The collaboration capitalizes on the platform’s seamless interface with downstream systems, enabling automation and straight-through processing (STP). This integration enhances the overall client experience and optimizes cost management. The platform’s scalability further offers the flexibility to effortlessly expand into other regions, aligning with Maybank IB’s growth strategy.

Darren Crowther, Head of Securities Finance and Collateral Management at Broadridge, said: “We are thrilled to strengthen our partnership with Maybank Investment Bank and jointly deliver our securities lending and borrowing service offering, encompassing multi-custody principal and agency trading models. Broadridge’s SFCM solution empowers firms to navigate these challenges successfully.”

Tengku Ariff Azhar, Chief Operating Officer of Maybank Investment Bank, emphasized the comprehensive nature of the newly launched platform. He highlighted its trading capabilities, operational efficiency, and connectivity, which were achieved through the combined expertise of Broadridge and Maybank IB. Azhar mentioned that this partnership enabled the swift introduction of the product to the market while adhering to the regulatory framework provided by Bursa Malaysia.

Azhar further revealed the bank’s future ambitions, stating, “We target to be the first in Malaysia to offer Shariah-compliant SBL for retail investors next year.” This emphasis on Shariah compliance aligns with Maybank IB’s commitment to providing ethical financial solutions.

Maybank IB connected to Bursa Malaysia’s Islamic Securities Selling and Buying

In August 2022, Maybank IB was onboarded as an approved supplier and user under Bursa Malaysia’s Islamic Securities Selling and Buying – Negotiated Transaction (ISSBNT) Framework. This framework enables the bank to facilitate client-driven hedging and risk management activities in accordance with Shariah principles.

The collaboration between Maybank IB and Broadridge signifies a strategic move to leverage cutting-edge technology and expertise in enhancing the SBL business while staying aligned with ethical standards and regulatory requirements.

The launch of the new platform reinforces the institutions’ commitment to innovation and customer-centric solutions in the financial industry.

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