The best Islamic bank in Asia 2023: Maybank Islamic
Maybank’s global Islamic presence can be compared favourably with any of the biggest Gulf region banks. The bank is east Asia’s biggest in terms of total assets, which stand at more than $67 billion. Globally, Maybank Islamic trails only Al Rajhi Bank, SNB Capital, Dubai Islamic Bank and Kuwait Finance House.
With offices in Dubai, London and New York, the Malaysian firm has positioned itself as a vital worldwide conduit for Shariah-compliant operations in Malaysia, China, Singapore, Indonesia and Brunei.
But the bank’s franchise is about much more than just size. Maybank continues to dominate the industry in terms of broader financing and deposits. In most business areas and by total assets Maybank Islamic is ahead of its next closest rival in the Malaysian market – CIMB Islamic – by at least 50%. Its position as the leader in ringgit-denominated sukuk issuance is also rock solid (in 2022 it was also the world’s fourth-largest sukuk house).
This strong position in Islamic finance is combined with the pivotal role the broader Maybank Group plays as a global bridge to southeast Asia’s booming economies.