Malaysian bank unit Maybank Philippines, a leading financial services group ranked fourth in ASEAN, inaugurated its first Islamic Banking Unit in its Zamboanga branch.

This 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, the bank said in a statement.

This new 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 took place on 14 August 2024 at Maybank Zamboanga Branch attended by key dignitaries including His Excellency Dato Abdul Malik Melvin Castelino, Ambassador of Malaysia to the Philippines; Nor Shahrizan Sulaiman, deputy CEO, Maybank Islamic Berhad; the Honorable 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; Engr. Al-Zamir Lipae, regional director for Region 9, Department of Trade and Industry; and Simoun Ung, director, Maybank Philippines board.

Also present at the inauguration were members of Maybank Philippines’ senior management, namely Patrick Dennis L. Solosa, head for community financial services; Rajagopal Ramasamy, chief risk officer; and Ma. Bernadette T. Ratcliffe, chief compliance officer.

The event was likewise attended by members of the Zamboanga Chamber of Commerce, Malaysia Chamber of Commerce and Industries Philippines and the Ulama Council of Zamboanga Peninsula, together with long-time clients of the branch.

The event began with a Dua recitation, followed by speeches from key stakeholders, highlighting the significance of Islamic banking in promoting inclusive financial practices and congratulating Maybank Philippines for being the first private commercial bank to foray into this growth area.

Islamic finance’s new era

Maybank Philippines’ Islamic banking 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.

Global leadership eyed

In his opening remarks, Maybank Islamic deputy CEO Nor Shahrizan Sulaiman highlighted: “The Maybank Group had set a goal for its Islamic banking operations — to become a Global Leader in Islamic Finance. The expansion of the offering of Islamic banking products here, in a country not Muslim dominated is another progress for us to mark our presence regionally.”