Maybank Islamic’s recent milestones underscore an institution that is growing in scale, sharpening its profitability and deepening its regional purpose, all while maintaining a competitive edge in its service offering.
Already the largest Islamic bank in ASEAN and among the world’s top five by assets, the bank broadened its international footprint in August 2024 by opening an Islamic banking window at Maybank Philippines in Zamboanga City, complementing existing operations in Dubai, Indonesia, Singapore, Hong Kong, London and Labuan, Malaysia.
This outward push was complemented by solid internal momentum: profit before taxation and zakat reached RM2.72 billion ($634 million) in 2024, a 5.5 % year-on-year rise, while total income for the same period climbed 12.4 % to RM11.45 billion. Islamic banking assets expanded 6.7 % to RM351.7 billion year-over-year, evidencing balance-sheet growth even as capital was channelled towards sustainable goals.
The sustainability agenda is framed by four group-wide commitments, headlined by a pledge to mobilise RM80 billion in sustainable finance and to uplift 2 million ASEAN households by 2025.
Credibility in green and social finance was reinforced by capital markets leadership: Maybank Islamic ranked number two in Bloomberg’s Ringgit Malaysia Sukuk League Table as of December 2024, and advised on several regional firsts.
These include the world’s inaugural sustainability-linked sukuk from the plantation sector and Malaysia’s first marine-and-port sustainability sukuk wakalah. The bank also supported Bank Rakyat’s RM500 million ASEAN sustainability SRI sukuk – an issuance accorded a “Gold” impact rating by domestic credit agency MARC – and structured Westports Malaysia’s RM5 billion sukuk wakalah, providing the port operator with flexible medium- to long-term funding.
The bank’s Digital Supplier Financing Programme-i has compressed facility-approval times from roughly 90 working days to just three
Product innovation complements investment banking success. HouzKEY, a Shariah-compliant home-financing solution with no payments during construction, has enabled 6,453 Malaysians to buy homes and now spans nine states.
The fully digital Maybank Islamic Gold Account-i has opened more than 380,000 accounts and driven transactions exceeding RM2 billion since its debut. Additionally, the bank’s Digital Supplier Financing Programme-i has compressed facility-approval times from roughly 90 working days to just three, markedly improving liquidity for small and medium-sized suppliers.
