The Banker Names Maybank Islamic 'Islamic Bank Of The Year 2017 For Asia-Pacific And Malaysia'

KUALA LUMPUR, June 13 (Bernama) -- Maybank Islamic Bhd has been named ‘The Islamic Bank of the Year 2017 for Asia-Pacific and Malaysia ‘ by London-based financial publication, The Banker. In a statement Tuesday, The Banker acknowledged Maybank Islamic’s leadership in Malaysia’s Islamic finance market, claiming the top position among syariah-compliant financiers nationwide. Maybank Islamic’s dominance has translated into a strong set of financial results by total assets, total financing and total funding, including deposits and investment accounts, it said. “Tier 1 capital and total syariah-compliant assets also enjoyed notable growth, climbing 12 per cent and 16 per cent, respectively. “Maybank Islamic’s return on equity for the year was 15.4 per cent, while its cost-to-income ratio was at 36 per cent and non-performing financing was only at 0.8 per cent,” Maybank said. For the financial year ended Dec 31 2016, Maybank Islamic’s net profit rose 10 per cent to US$314.48 million (RM1.34 billion) and total assets grew 16 per cent to US$42.66 billion (RM181.8 billion). The bank’s steady growth pace in Singapore and Indonesia also contributed to its recognition as the best in Asia-Pacific. In Singapore, total syariah assets between 2010 and 2016 grew 73 per cent while total financing improved 61 per cent year on year last year. In Indonesia, financing and deposit grew 61 per cent and 71 per cent in 2016 respectively as pre-tax profit jumped 62 per cent in the same period. Maybank Islamic Chief Executive Officer, Mohamed Rafique Merican, said it intended to further enhance its global brand visibility, while continuing to deepen its existing regional presence and taking the lead to promote Islamic Social Finance via its zakat and waqf initiatives, in line with Maybank Group’s mission in humanising financial services. -- BERNAMA