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Malaysian Maybank Islamic Wins Most Outstanding Islamic Retail Banking Award

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Points of Essence:

  • KLIFF Islamic Finance Award 2008 presented the Most Outstanding Islamic Retail Banking Award to Malaysia based Maybank Islamic. The bank commenced its Islamic business via a window in 1993 and now a subsidiary with over 41 Islamic products, of which six are wealth management products. Bernama has the report.

KUALA LUMPUR, Nov 20 (Bernama) — Maybank Islamic has won the Most Outstanding Islamic Retail Banking Award at the KLIFF Islamic Finance Awards 2008.
Presented by Second Finance Minister Tan Sri Nor Mohamed Yakcop, the KLIFF awards are to honour, recognise and acknowledge the efforts and contributions by individuals and institutions in developing the Islamic finance industry.

“Maybank Islamic has played a primary role in the development of Islamic financing in the country, including innovation of products and services,” acting chief executive officer Ibrahim Hassan said today.

“As the largest Islamic banking player, we are well positioned to extend our Islamic finance offerings through our extensive network and strategic alliances,” he said in a statement.

Maybank began offering Islamic banking through the “window” concept in 1993 and it was established an Islamic bank subsidiary in January 2008.

To date, it has over 41 Islamic products, of which six are wealth management products.

Ibrahim said Maybank Islamic, in synergy with the Maybank group, would continue to use its leadership and network to advance Islamic banking and takaful.

“Maybank Islamic is able to leverage on Maybank’s network which is the country’s largest financial services network comprising 12 Islamic branches, over 370 Maybank branches, more than 4,300 self-service terminals and Internet banking at Maybank2u.com for distribution of Islamic products and services,” he said.

Maybank Islamic has total assets of over RM29 billion. In the first quarter of financial year 2009 ended Sept 30, 2008, it registered an increase of 34.6 percent in income growth.

It also commands a dominant domestic market share in Islamic financing of over 23 percent.

The Maybank group has a strong market share in most Islamic banking segments, among them trade financing (37.4 percent), overdraft (52.8 percent), automobile financing (26.1 percent) and home financing (29 percent).

Source: BERNAMA

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Written by Suapi Shaffaii

November 22, 2008 at 9:30 am

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