Maybank Islamic wins ‘Global Islamic Bank 2020’ award

KUALA LUMPUR: Maybank Islamic Bhd has been named as 2020’s Global Islamic Bank of the Year by London-based magazine, The Banker.

In a statement today, Maybank said The Banker acknowledges the group’s Islamic banking arm as one of the world’s foremost 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),” it said.

It said Maybank Islamic banking had been accorded ‘Malaysia’s leading Shariah compliant financier’ four times, and this year’s win as Global Islamic Bank of the Year is its second after the first in 2015.

“Such achievements come on top of an impressive financial performance for 2019, and while Tier 1 capital slipped marginally, Maybank Islamic’s total assets grew by 7.1 per cent to US$58.2 billion, with profitability rising 25 per cent to US$611.5 million for the year.

“Return on equity (ROE) increased from 22.5 per cent in 2018 to 26.7 per cent in 2019, while its cost-to-income ratio was virtually unchanged at 32.5 per cent,” Maybank said.

It said 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, made Maybank Islamic the deserved winner of the award.

Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican described the award as a testimonial of Maybank Group’s commitment and capability to effectively leverage its position as a leading financial player in the region to deliver value to its customers and communities across the region and beyond. -Bernama

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