Maybank cited Islamic banking a milestone

Maybank Philippines, a unit of Malaysia’s Maybank Group, opened its first Islamic Banking Unit, housed in its Maybank Zamboanga branch that marks a significant step in expanding the bank’s portfolio of inclusive financial solutions that are aligned with its customers’ life priorities, values and aspirations.

This new Islamic Banking Unit is dedicated to offering Shariah-compliant products that align with Islamic principles, as an alternative banking opportunity particularly in areas where such services are not yet available.

The inauguration ceremony was held at the Maybank branch attended by key dignitaries including Ambassador of Malaysia Dato Abdul Malik Melvin Castelino; Nor Shahrizan Sulaiman, Deputy CEO, Maybank Islamic Berhad; Sitti Djalia Turabin-Hataman, Mayor of Isabela, Basilan; Abigail Tina M. Del Rosario, country director and President and CEO, Maybank Philippines; Judith E. Sungsai, managing director, Financial Supervision Sub-Sector 1, Bangko Sentral ng Pilipinas (BSP); Al-Zamir Lipae, Regional Director for Region 9, Department of Trade and Industry; and Simoun Ung, director, Maybank Philippines Board.

The bank’s unit will initially offer Islamic deposits and current accounts in its pilot phase, progressing to a more comprehensive range of Shariah-compliant services in the coming months. Customers can expect the same high standards and professionalism that Maybank has been known for across the region, now within the framework that upholds and respects Islamic principles. All Islamic products and services offered meet the highest Shariah compliance standards and customer satisfaction.

Positive financing

“We strongly believe that the banking sector must create a strong sense of purpose that reflects the needs and concerns of society — such as promoting sustainable finance and assuring inclusive access to financial services. Only then can we realize the full potential of positive finance in advancing social and economic development.”

Commenting on the launch, country director and concurrent Maybank Philippines president and CEO Abigail Tina M. del Rosario cited the introducing Islamic Banking is a significant milestone for Maybank in the Philippines. Introducing Islamic Banking in the country is not just about another expansion of our services; this also demonstrates our commitment to fairness, transparency and the well-being of the community. Islamic finance is built on the foundation of fairness, equity and shared prosperity — principles that resonate deeply with us as an organization.”