Maybank Islamic Berhad, the largest Islamic bank in Malaysia and the ASEAN region by assets size, has opened its first overseas branch in Dubai at Dubai International Financial Centre (DIFC).

The opening ceremony was attended by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and president of DIFC.

Maybank Islamic is the Shariah-compliant division of Malaysia’s largest lender Malayan Banking Berhad (Maybank), and one of the leading arrangers in Bloomberg’s Global Sukuk League Table. Maybank Islamic’s total assets stood at more than $57.35 billion as of September 30, 2019.

Sheikh Maktoum bin Mohammed said: “Islamic Finance is a key element of Dubai’s economic strategy based on Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum’s vision for a new phase of transformative growth in the next 50 years.”

“The establishment of the first overseas office of Malaysia’s largest Islamic bank in Dubai is an acknowledgement of Dubai’s pivotal role at the heart of the Islamic economy and the strong advantages it offers institutions that base themselves here.”

“Over the coming decade, Dubai aims to further consolidate its role as the capital of the rapidly growing Islamic Economy sector, which currently caters to the needs of about a quarter of the world's population. By building this sector, we look forward to creating new economic opportunities and establishing new partnerships that can bolster not only the development of the region but also the strength and sustainability of the global economy,” he added.

Maybank Islamic was granted the full Islamic banking licence from the Dubai Financial Services Authority (DFSA) in July 2019, to open a branch in the DIFC making it Malaysia’s first Islamic bank to have a foreign presence.

Maybank Islamic Dubai DIFC branch will engage in wholesale banking with emphasis in 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,” said Dato’ Mohamed Rafique Merican, Group CEO Maybank Group Islamic Banking & Maybank Islamic CEO.

“With Dubai being a leading Islamic economic centre, it was timely for Maybank Islamic to be here to tap into the increasing demand for financing in the global halal economy and to become a link between the GCC countries and the world’s 5th largest economy that is the ASEAN Economic Community. Indeed, we look forward to making the Dubai DIFC branch our hub for the MENA region.”

He commented that it has been the aspiration of the Maybank Group that Maybank Islamic becomes a Global Leader in Islamic Finance, and the opening of the Dubai DIFC branch in a leading Islamic financial hub, the DIFC, is a major achievement for the Bank into that direction.

Essa Kazim, Governor of DIFC said: “The DIFC continues to be a catalyst for growth in the Islamic finance sector, offering sharia-compliant products and services to over 600 million Muslims in the Middle East and Africa region alone. Aligned with the visionary leadership of Dubai to establish the city as the capital for the Islamic Economy, we are committed to continuing to support the growth of sharia transactions in the DIFC and transforming the future of finance. We are pleased to welcome Maybank Islamic Berhad to the home of the region’s Islamic finance with its newly established regional headquarters in Dubai.”

The addition of Maybank Islamic reinforces the rapid growth of financial institutions with Shariah-compliant services and complements the sharp rise of Islamic assets managed at the DIFC. Maybank Islamic joins more than 2,300 active registered companies that have chosen the DIFC as their preferred location of choice to gain easy access to the fast-growing MEASA region.

Bryan Stirewalt, chief executive, DFSA said: “The launch Of Maybank Islamic’s operations in the DIFC demonstrates the Centre’s growing appeal as an international hub for Islamic finance. The DFSA will continue to operate a regulatory regime that facilitates Islamic finance. We are pleased to see Maybank Islamic formally launch their operations in the Centre.”

The new branch is headed by country manager Nik Joharris Nik Ahmad who has over 20 years of experience in the financial services industry. He has extensive experience, having worked across geographies such as Malaysia, Kuwait, Bahrain and Saudi Arabia particularly in Islamic corporate debt financing. – TradeArabia News Service