Financial publication The Banker has named Maybank Islamic Berhad as year 2020’s Global Islamic Bank of the Year, acknowledging the bank’s role as one of the world’s leading shariah-compliant financial institutions.
“The 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 United Arab Emirates (UAE),” said the publication in a statement.
Among Maybank Islamic’s achievements that appealed to the judges include the bank’s introduction of new features in its Maybank2u mobile app for SMEs. These features allow SMEs to instantly open conventional or Islamic business accounts, place fixed deposits, and tap into various payroll and payment solutions. Additionally, the bank also launched a shariah-compliant version of its Maybank Anytime Everyone (MAE) mobile wallet, which amassed more than one million users by October 2019.
Of particular mention is also Maybank Islamic’s expansion into the UAE, which saw the bank being awarded a full Islamic banking licence by the Dubai Financial Services Authority. This is the first of its kind awarded to a Malaysian Islamic bank.
“This bold new expansion, 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,” said the publication.
These achievements are on top of a notable financial performance that Maybank Islamic clocked in for 2019, with its total shariah asset increasing by 7.1% to US$58.2 billion, and profitability rising by 25% to US$611.5 million for the year. This is despite a slight slip in its Tier 1 capital, which refers to the bank’s primary funding source meant to keep it running through the transactions that it undertakes. Maybank Islamic’s return on equity (ROE) also increased from 22.5% in 2018 to 26.7% in 2019, whereas its cost-to-income ratio remained unchanged at 32.5%.
The chief executive officer of Maybank Islamic, Datuk Mohamed Rafique Merican also commented that the award is a sign of Maybank Group’s commitment and capability to leverage its leading position in the region to deliver value to its customers and communities.
This latest award is Maybank Islamic’s second time winning the Global Islamic Bank of the Year title by The Banker publication, with the first being in 2015. Previously, Maybank Islamic had also been named as Malaysia’s leading shariah-compliant financier for four times.
The Banker publication is based in London, and has been in circulation since 1926. It is owned by The Financial Times, and runs several annual awards and rankings, including the Top 1,000 World Banks ranking.
(Source: The Sun Daily)