Maybank opens Islamic banking unit in Zamboanga

MANILA, Philippines — Maybank Philippines Inc., a member of the Maybank Group, has inaugurated its first Islamic banking unit in Zamboanga, marking a significant step in expanding the bank’s portfolio of inclusive financial solutions.

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

Maybank Philippines is the first private commercial bank to foray into this growth area.

According to Maybank Islamic Berhad deputy CEO Nor Shahrizan Sulaiman, the Maybank Group had set a goal to become a global leader in Islamic finance.

“The expansion of the offering of Islamic banking products here, in a country (that is)not Muslim dominated is another progress for us to mark our presence regionally,” he said in his opening remarks last Aug. 14.

“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,” he added.

The 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.

Maybank Philippines president and CEO Abigail Tina Del Rosario said that the launch 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,” del Rosario said.

“We are committed to providing financial solutions that are aligned with our customers’ life priorities, values and aspirations, while also contributing to the growth of the Islamic finance industry in the Philippines,” she added.

As Maybank Philippines embarks on a new journey, the Islamic Banking Unit is expected to play a key role in the bank’s growth strategy, offering a unique value proposition to customers with diverse needs and seeking Shariah-compliant products as an alternative banking opportunity, particularly in areas where such services are not yet available.