Maybank Philippines has officially entered Islamic finance and became the first private commercial bank in the country to offer Shariah-compliant banking services.
The move comes with the launch of Maybank's Islamic Banking Unit in its Maybank Zamboanga Branch, marking a significant step in expanding the bank's portfolio of inclusive financial solutions that are aligned with its customers' life priorities, values and aspirations.
In his opening remarks, Maybank Islamic deputy CEO Nor Shahrizan Sulaiman said, "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."
He added, "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."
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.
Commenting on the launch, country director and concurrent Maybank Philippines president and CEO Abigail Tina M. Del Rosario said, "This 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 community's well-being. Islamic finance is built on the foundation of fairness, equity and shared prosperity-- principles that resonate deeply with us as an organization."
Del Rosario added, "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."
The inauguration ceremony took place on August 14 at Maybank Zamboanga Branch attended by key dignitaries, including His Excellency Dato Abdul Malik Melvin Castelino, Ambassador of Malaysia to the Philippines; the Honorable Sitti Djalia Turabin-Hataman, Mayor of Isabela, Basilan; Judith E. Sungsai, managing director, Financial Supervision Sub-Sector 1, Bangko Sentral ng Pilipinas (BSP); Engr. Al-Zamir Lipae, Regional director for Region 9, Department of Trade and Industry; and Simoun Ung, director, Maybank Philippines Board.
Maybank Philippines senior management, namely Patrick Dennis L. Solosa, head for community financial services; Rajagopal Ramasamy, chief risk officer; and Ma, were also present at the inauguration. Bernadette T. Ratcliffe, chief compliance Oofficer.
Members of the Zamboanga Chamber of Commerce, Malaysia Chamber of Commerce and Industries Philippines, and the Ulama Council of Zamboanga Peninsula, as well as long-time clients of the branch, attended the event.
The launch highlighted the significance of Islamic banking in promoting inclusive financial practices and congratulated Maybank Philippines for being the first private commercial bank to foray into this growth area.
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 meet the highest Shariah compliance standards and customer satisfaction.
As Maybank Philippines embarks on this new journey, the Islamic Banking Unit is expected to play a vital 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.
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