KUALA LUMPUR: Maybank Islamic Bhd was crowned 2020’s Global Islamic Bank of the Year by London-based magazine “The Banker” amid strong competition from domestic competitors and powerhouse lenders of the Middle East.
The Banker said in a media statement recently that in the eight-year history of The Banker’s Islamic Bank of the Year Awards, Maybank Islamic had impressed over time as one of the world’s foremost Shariah compliant financial institutions.
Judges were impressed by the bank’s commitment to sustainability, the evolution of its digital offering, and the opening of its first branch in the UAE.
The Islamic banking arm of Malaysia’s largest bank MALAYAN BANKING BHD (Maybank), was accorded Malaysia’s leading Shariah compliant financier four times. This year’s win is its second time being named Global Islamic Bank of the Year after 2015.
“Such achievements come on top of an impressive financial performance for 2019,” the statement said.
While Tier 1 capital slipped marginally, Maybank Islamic’s total assets grew by 7.1% to US$58.2bil, with profitability rising 25% to US$611.5m for the year.
Its return on equity (ROE) increased from 22.5% in 2018 to 26.7% in 2019, while its cost-to-income ratio was virtually unchanged at 32.5%.
The Banker also noted Maybank Islamic’s commitment to sustainability as it help develop a guidance document for Malaysia’s value-based intermediation (VBI) financing and investment impact assessment framework (VBIAF).
This was done in collaboration with Bank Negara, the International Monetary Fund, and the International Centre for Education in Islamic Finance, among others.
Leveraging on Maybank Group’s technology initiatives rolled out in 2019, Maybank Islamic’s SME customers can now open Islamic business accounts, place fixed deposits, and tap various payroll and payment solutions on the M2U app.
The judges also took note of the setting up of a Shariah compliant version of its Maybank’s highly successful mobile wallet Maybank Anytime Everyone (MAE) mobile wallet.
“On the product front, Maybank Islamic introduced an Islamic dual currency investment product to enable affluent customers to invest in currency-linked instruments and undertake short-term investments and introduced Zest-i, a mudarabah investment account for customers that prefer a low-risk sharia-compliant investment, which cultivates a culture of investing for stable returns.”
Its account portability service allowed customers to switch seamlessly from a conventional current and savings account to an Islamic account via the Maybank2u platform, said the statement.
The judges also viewed Maybank Islamic’s expansion into the UAE as a “bold new expansion which together with its strong operational and financial performance across its existing footprint, make Maybank Islamic the deserved winner of the 2020 Global Islamic Bank of the Year award.”
Maybank Islamic CEO Datuk Mohamed Rafique Merican said: “We are very honoured to be recognised as the Global Islamic Bank of the Year by The Banker.
“This is a testimonial of Maybank Group’s commitment and capability to effectively leverage on our position as a leading financial player in the region to deliver value to our customers and communities across the region and beyond.
“We aspire to be a global leader in Islamic finance, providing Shariah compliant solutions and promoting the adoption of Islamic finance. This recognition will act as a catalyst for us to work even harder in improving our service delivery to our customers, our contribution to the community and the Islamic banking industry.”
Source: THE STAR
