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Corp News

Maybank Islamic Wins Award

20 November 2008

4 min read

Maybank Islamic Wins Most Outstanding Islamic Retail Banking Award


Maybank Islamic clinched the Most Outstanding Islamic Retail Banking Award at the KLIFF Islamic Finance Awards 2008. The awards were presented by the Minister of Finance II, Tan Sri Nor Mohamed Yakcop in conjunction with the 5 th Kuala Lumpur Islamic Finance Forum (KLIFF) held in Kuala Lumpur recently.


The KLIFF Islamic Finance Awards are given to honour, recognise and acknowledge the significant efforts and contributions by individuals and institutions in developing the Islamic finance industry. Both foreign and local Islamic financing institutions are polled to receive the various categories of KLIFF's Awards.


"We are pleased to receive top honour in this category and we dedicate the award to our customers and employees. Maybank Islamic has played a primary role in the development of Islamic financing in the country, including innovation of products and services. As the largest Islamic banking player, we are well positioned to extend our Islamic finance offerings through our extensive network and strategic alliances," said Ibrahim Hassan, Acting CEO of Maybank Islamic on receiving the award.


Maybank began offering Islamic banking through the ‘window' concept in 1993 and Maybank Islamic was established as an Islamic Bank subsidiary in January 2008. Since then, Maybank Islamic has expanded its range of products and services to enhance our leadership position. To date, it has over 41 Islamic products, of which six are wealth management products.


Ibrahim also added that Maybank Islamic, in synergy with the Maybank Group will continue to use its leadership and network to advance Islamic banking and takaful. "Maybank Islamic is able to leverage on Maybank's network which is the country's largest financial services network comprising 12 Islamic branches, over 370 Maybank branches, more than 4,300 self-service terminals and internet banking at for distribution of Islamic products and services. With this large number of touchpoints, customers can access or reach us easily and conveniently. We have also extended selected Islamic offerings to some of our international locations to those who require them. We will strive to share our expertise in Islamic finance and banking to enhance Malaysia's increasing importance as a model Islamic banking and finance hub."


Maybank Islamic has total assets of over RM29 billion. In the first quarter of the financial year 2009 ending 30 September 2008, Maybank Islamic registered an increase of 34.6% in income growth. Maybank Islamic commands a dominant domestic market share in Islamic financing of over 23%. Maybank Group has a strong market share in most Islamic banking segments among them trade financing (37.4%), overdraft (52.8%), automobile financing (26.1%) and home financing (29%).