Maybank Islamic, the Shariah-obedient section of Malaysia’s largest lender Malayan Banking Berhad recently opened its first overseas branch in Dubai. The bank was granted an Islamic banking license from the Dubai Financial Services Authority (DFSA) in July last year.
The official opening at Dubai International Financial Centre (DIFC) was attended by Deputy Ruler and President of Dubai, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
Maybank Islamic is one of the foremost arrangers in Bloomberg’s Global Sukuk League Table. As reported on September 30, 2019, the bank’s total assets valued more than $57.35 billion.
Reportedly, DIFC’s strong legal and regulatory background, with its highly developed and dynamic financial ecosystem, has inspired growth consistently in Islamic banking and has enabled a platform to reach out to more than 600 inhabitants in the Middle East and Africa. Maybank Islamic Dubai (DIFC) branch will employ wholesome banking with an emphasis on corporate financing, treasury and capital markets, and trade finance.
“We are delighted to be announcing the launch of Maybank Islamic’s operations in Dubai. The opening of our DIFC branch is indeed significant for us. Not only does this mark our very first overseas branch, but it also establishes us as Malaysia’s first Islamic bank to have a presence overseas,” quoted Dato’ Mohamed Rafique Merican, group CEO Maybank Group Islamic Banking and Maybank Islamic CEO.
Maybank Islamic has now joined more than 2300 active registered companies at DIFC.