KUALA LUMPUR: Bank Muamalat Malaysia Bhd sees a listing of the bank as an alternative for its shareholders, but is of the view that the market is not conducive for such an exercise currently. "I wouldn't say listing is a definite plan. Listing is an alternative that the shareholders have," CEO Datuk Mohd Redza Shah Abdul Wahid told reporters after the launch of the Muamalat Gold-i (MGi) here yesterday. Bank Muamalat is 70% owned by DRB-Hicom Bhd and the rest is held by Khazanah Nasional Bhd. A potential listing of Bank Muamalat could be an option if DRB-Hicom fails to find a suitable suitor to acquire a stake in the bank. DRB-Hicom is required to pare down its stake in Bank Mualamat to 40% but this has been delayed for a few years because it was unable to agree on the terms with potential buyers. "The market is not right for listing at the moment. When the market turns (better), we will look and there will be more alternatives for the shareholders," he added. Recall that the recent proposed merger of Bank Muamalat with Malaysia Building Society Bhd was called off. DRB-Hicom's previous attempts to sell down its stake to several financial institutions, namely Affin Holdings Bhd, Bank Islam Malaysia Bhd and Bahrain-based Islamic lender Al Baraka were also unsuccessful. "I believe the shareholders always want to add value to the bank. They will be looking at other alternatives, but in the meantime, we're looking at improving the performance of the bank, diversifying our products and giving more to customers. Business is as usual and we look forward to what the shareholders have in store for us," said Redza. Earlier, its vice-president and head of wealth management Nur Ain Ramli said Bank Muamalat is aiming for its wealth management business to contribute 10%-20% of the bank's revenue in three years' time. She said the bank is targeting for gold products to constitute 60% of its fee income for wealth management by 2017, from 30% now. MGi is the bank's latest outfit for the syariah-compliant distribution of physical gold bar to the public. It aims to sell 320kg of gold for the financial year ending March 31, 2017 worth RM56 million. Prior to the launch, the bank had successfully sold over 80kg worth RM14 million to its clients. The bank is an agent via The Perth Mint Australia's authorised distributor for the supply of the fineness London Bullion Market Association-accredited gold bar. The gold bar is available in 5, 10, 20, 50 and 100 grams at major Bank Muamalat branches. The minimum purchase denomination for an individual is 5 grams and for corporates, 10 grams.