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. The Islamic banking unit reaps the benefits of the wider bank’s distribution channels, information technology systems and back-office operations.
This has helped the bank’s international expansion in community financial services, wholesale banking, sukuk deals and takaful products, as well as facilitating its digital transformation.
Chief executive Mohamed Rafique Merican has put much emphasis on innovation. One example of this is the Halal4Wards product, a Shariah-compliant financial solution for small and medium-sized enterprises and larger business banking customers. The product provides access to financing, deposits, takaful and a range of advisory services to help companies build greater capacity.
There is also Halmap 2.0, a strategic partnership with e-commerce specialist Elokal. The programme helps food-based SMEs market products and services both online and in physical stores.
Maybank’s world-class Islamic Financial Planning Certification training programme continues to expand, supporting Malaysia’s ambitions to become a more influential global centre for Islamic financial planning.
The bank’s zakat efforts are setting regional standards for charitable initiatives. Maybank’s strong commitment to improve the lives of vulnerable communities in east Asia is clear. It provides education funding to needy families, generous humanitarian aid, Islamic social finance and ‘Ihsan’ awards for worthy non-government organizations.
In most business areas and by total assets Maybank Islamic is ahead of its next closest rival in the Malaysian market by at least 50%.
The goal is that by 2025 these Maybank Islamic initiatives will be available across southeast Asia, along with other flagship programmes, such as Semarak Ilmu, which rewards academic excellence from primary to tertiary education.
Maybank’s Regional Ramadhan Relief has also won accolades around the region. It aims to help underprivileged groups by distributing food supplies during Ramadan in 11 countries. So far, it has benefited more than 120,000 households in Malaysia and other southeast Asian countries.
The Rise economic empowerment programme is another flagship initiative. It seeks to increase incomes and improve livelihoods among underprivileged groups. Since 2019, it has managed to boost incomes by an average of 185.21% per participant.
