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Jun 05, 2024 3PM

Maybank Islamic Named Best Islamic Bank in Asia by Euromoney

KUALA LUMPUR, 4th JUNE 2024: The Euromoney Islamic Finance Awards 2024 which honours outstanding Islamic banks in key financial markets across the world, has named Maybank Islamic as Best Islamic Bank in Asia and Malaysia.

Announced recently by Euromoney magazine, the publication stated that in financial year 2023 Maybank Islamic won the recognition as best in Asia and Malaysia “following a period marked by strong financial results, impactful environmental, social and governance initiatives and landmark transactions.”

Nik Joharris, (second from left) AET president & CEO Zahid Osman (in the centre) and Sazzali (second from right), with their awards, flanked by the Euromoney awards team.

As at end of 2023, Maybank Islamic closed the year with a market share of 29.32% of Islamic financing and 26.04% for deposit and investment account in Malaysia. Its total assets stood at USD70.67 billion, making it the list of the top 5 global Islamic financial institutions.

The magazine commended Maybank Islamic’s efforts to empower the low-income communities through the launch of five urban farming projects across the country last year and the introduction of the halal ecosystem platform to connect and elevate halal market players in Malaysia.

The magazine also gave recognition to two of Maybank’s Shariah-compliant deals, namely Malaysia’s best sukuk deal for the RM1.5 billion Johor Corporation’s sukuk wakalah and Islamic Finance Deal of the Year for Maybank Singapore’s AET USD100 million sustainability linked Islamic financing

The RM1.5 billion sukuk wakalah is a sukuk programme guaranteed by the Malaysian government and Johor Corporation’s maiden state guaranteed sukuk issuance while the Islamic financing for AET is the first Sustainability Linked Islamic Financing for the shipping industry in Southeast Asia to assist in the funding of low-carbon initiatives and decarbonisation efforts.

“We are indeed honoured to be named the Best Islamic bank not just in Malaysia but in Asia for the second consecutive year by a financial magazine that has been around for more than 50 years. This recognition is a testament of our year-on-year improved performance, strategic vision, and consistent pursuit of excellence in the highly competitive banking industry and further propels our aspiration of becoming a global leader in Islamic finance,” said Dato’ Muzaffar Hisham, CEO of Maybank Islamic.

He said that the Bank, with the support from the Maybank Group and guided by the Group’s strategic thrust to become a total client solutions bank, aims to consistently demonstrate its leadership and innovation in the Islamic financial sector, not just to drive growth moving forward but to provide sustainable value to all stakeholders.

“The sustainability linked Islamic financing for AET is one of the examples. It is the first of its kind for the shipping industry in the region and it attests to Maybank Group’s position as a sustainability leader in Southeast Asia and a leading player in Islamic finance,” he said.

AET Singapore Holdings is part of the AET Group, which is wholly owned by the MISC Group, a key subsidiary of the PETRONAS Group.

This transaction contributes to Maybank Group’s expanding sustainable financing portfolio and reduction in Scope 3 emissions with the Group aiming to mobilise RM80 billion in sustainable financing by 2025.

The awards ceremony took place in Dubai, United Arab Emirates and Maybank Islamic was represented by Maybank Islamic Dubai Country Head, Nik Joharris Nik Ahmad and Maybank Singapore, Head Islamic Banking, Sazzali Sabandi.

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