The best Islamic bank in Malaysia 2023: Maybank Islamic
By virtually any measure, Maybank is Malaysia’s best Islamic bank. It is ahead of its rivals in market share for total assets, financing, deposits and unrestricted investment accounts.
In 1993, Maybank was the nation’s first conventional commercial bank to provide Islamic financial services. Fifteen years later, in 2008, Maybank Islamic Berhad was incorporated as a wholly owned subsidiary.
Today, led by chief executive Mohamed Rafique Merican, Maybank Islamic offers products and services at more than 352 branches and distributor channels across the nation. Bloomberg ranks the bank fifth among global Islamic market leaders, with $67 billion of assets.
In 2022, total income rose 16% and profit before tax increased 8% year on year. Financing and advances rose 10%, while deposits and investment accounts increased 12.2%.
Maybank’s Islamic’s contribution to the broader Maybank universe of loans and financing increased to 67.2% in 2022, up from 66.1% in 2021.
Last year was an extraordinarily busy one for the lender.