Maybank Islamic Bhd named Islamic bank of 2017 by publication

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KUALA LUMPUR: Maybank Islamic Bhd has been named “The Islamic Bank of the Year 2017 for Asia-Pacific and Malaysia” by London-based financial publication, The Banker.

In a statement today, Maybank Islamic said, The Banker acknowledged Maybank Islamic’s leadership in Malaysia’s Islamic finance market, claiming top position among shariah-compliant financiers nationwide.

Maybank Islamic’s dominance has translated into a strong set of financial results by total assets, total financing and total funding, including deposits and investment accounts, it said.

“Tier 1 capital and total shariah-compliant assets also enjoyed notable growth, climbing 12% and 16% respectively.

“Maybank Islamic’s return on equity for the year was 15.4%, while its cost-to-income ratio was at 36% and non-performing financing was only at 0.8%,” Maybank said.

For the financial year ended Dec 31 2016, Maybank Islamic’s net profit rose 10% to RM1.34 billion and total assets grew 16% to RM181.8 billion.

The bank’s steady growth pace in Singapore and Indonesia also contributed to its recognition as the best in Asia-Pacific.

In Singapore, total shariah assets between 2010 and 2016 grew 73% while total financing improved 61% year on year last year.

In Indonesia, financing and deposit grew 61% and 71% in 2016 respectively as pre-tax profit jumped 62% in the same period.

Maybank Islamic chief executive officer Mohamed Rafique Merican said it intended to further enhance its global brand visibility, while continuing to deepen its existing regional presence and taking the lead to promote Islamic Social Finance via its zakat and waqf initiatives, in line with Maybank Group’s mission in humanising financial services.