Dubai, United Arab Emirates: Today, Maybank Islamic Berhad (Maybank Islamic), the largest Islamic Bank in Malaysia and the ASEAN region by assets size, officially announced the opening of its first overseas branch in Dubai at Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region.

Maybank Islamic was granted the full Islamic banking licence from the Dubai Financial Services Authority (DFSA) in July 2019, to open a branch in the DIFC making it Malaysia’s first Islamic bank to have a foreign presence.

The DIFC’s robust legal and regulatory environment, alongside its highly developed and dynamic financial ecosystem, continues to be a catalyst for growth in Islamic banking, offering a platform to reach a Muslim population of more than 600 million people based in the Middle East and Africa region.

Maybank Islamic Dubai DIFC branch will engage in wholesale banking with emphasis in corporate financing, treasury and capital markets and trade finance.

“We are delighted to be announcing the launch of Maybank Islamic’s operations in Dubai. The opening of our DIFC branch is indeed significant for us. Not only does this mark our very first overseas branch, but it also establishes us as Malaysia’s first Islamic bank to have a presence overseas,” said Dato’ Mohamed Rafique Merican, Group CEO Maybank Group Islamic Banking & Maybank Islamic CEO in a speech at the launching ceremony of the branch today.

“With Dubai being a leading Islamic economic centre, it was timely for Maybank Islamic to be here to tap into the increasing demand for financing in the global halal economy and to become a link between the GCC countries and the world’s 5th largest economy that is the ASEAN Economic Community. Indeed, we look forward to making the Dubai DIFC branch our hub for the MENA region.”

He commented that it has been the aspiration of the Maybank Group that Maybank Islamic becomes a Global Leader in Islamic Finance, and the opening of the Dubai DIFC branch in a leading Islamic financial hub, the DIFC, is a major achievement for the Bank into that direction.

The event was attended by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC, His Excellency Essa Kazim, the Governor of DIFC, Malaysian Ambassador to the UAE, His Excellency Mohd Tarid Sufian. Maybank Islamic Chairman Mr Zainal Abidin Jamal, DIFC Authority Chief Executive Mr. Arif Amiri and DFSA Chief Executive Mr. Bryan Stirewalt.

Commenting on the occasion, Sheikh Maktoum bin Mohammed said:

“The establishment of the first overseas office of Malaysia’s largest Islamic bank in Dubai is an acknowledgement of Dubai’s pivotal role at the heart of the Islamic economy and the strong advantages it offers institutions who base themselves here.

“Over the coming decade, Dubai aims to further consolidate its role as the capital of the rapidly growing Islamic Economy sector, which currently caters to the needs of about a quarter of the world’s population. By building this sector, we look forward to creating new economic opportunities and establishing new partnerships that can bolster not only the development of the region but also the strength and sustainability of the global economy.”
His Excellency Essa Kazim said: “We are committed to continuing to support the growth of Shariah transactions in the DIFC and transforming the future of finance. We are pleased to welcome Maybank Islamic to the home of the region’s Islamic finance.”

Maybank Islamic joins more than 2,300 active registered companies that have chosen the DIFC as their preferred location of choice to gain easy access to the fast-growing MEASA region.

Bryan Stirewalt, Chief Executive, DFSA said: “The launch Of Maybank Islamic’s operations in the DIFC demonstrates the Centre’s growing appeal as an international hub for Islamic finance. The DFSA will continue to operate a regulatory regime that facilitates Islamic finance. We are pleased to see Maybank Islamic formally launch their operations in the Centre.”

The new branch is headed by Country Manager, Mr Nik Joharris Nik Ahmad who has over 20 years of experience in the financial services industry. He has extensive experience, having worked across geographies such as Malaysia, Kuwait, Bahrain and Saudi Arabia particularly in Islamic corporate debt financing.

About Maybank Islamic

Maybank Islamic is ASEAN’s leading Islamic bank and the largest Islamic commercial bank in Malaysia with a leading market share in Islamic financing as well as deposit and investment account of deposit.

Until 30 September 2019, Maybank Islamic’s total assets stood at more than US$57.35 billion, a growth of 7% year-on-year.

The Bank offers a range of Islamic financial products and services across 354 Maybank touch points in Malaysia, as well as in international operations in Dubai, Indonesia, Singapore, Hong Kong, London and New York.

Maybank Islamic is committed to continuously providing meaningful Shariah based financial solutions that generate positive value in the communities in which it operates.
The Maybank Group adopts an Islamic-first approach where customers are offered Shariah-compliant products and services as a standard product, and as at 30 September 2019, the Islamic banking business contributed more than 60% to Maybank Group’s total financing in Malaysia.

For more information on Maybank Islamic, please go to https://www.maybank.com/islamic/

On Maybank Group, please go to https://www.maybank.com

About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 72 countries with an approximate population of 3 billion and a nominal GDP of USD 7.7 trillion.

With a 15-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe and the Americas through Dubai.

DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of more than 24,000 professionals working across over 2,300 active registered companies – making up the largest and most diverse pool of industry talent in the region.

The Centre’s vision is to drive the future of finance. Today, it offers one of the region’s most comprehensive FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups.

Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels and public spaces, DIFC continues to be one of Dubai’s most sought-after business and lifestyle destinations.

For further information, please visit our website: difc.ae, or follow us on Twitter @DIFC.
About The Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services business conducted in or from the DIFC.

For further information, please visit our website http://dfsa.ae/

For more information, kindly contact:

Strategic Communications
Maybank Islamic Berhad
Level 10, Tower A, Dataran Maybank,
1, Jalan Maarof, 59000, Bangsar, Kuala Lumpur

Roziana Hamsawi 03–22972211 | +60172184908 | roziana.h@maybank.com
Fadhli Asri 03-22972001 Ext 4153 | +60179300395 | mnfadhli.aa@maybank.com