23 April 2012

Maybank Islamic targets growth of 15 to 18pc

Maybank Islamic Bhd is targeting a growth of between 15 and 18 per cent this year, said its chief executive officer Muzaffar Hisham.

He said the growth is achievable as it is in line with the company's aspirations to promote Islamic banking business.

"We expect double-digit year-on- year growth of our assets this year. But I'm cautiously optimistic as we have three more quarters to go," he told the media at the sidelines of Minggu Saham Amanah Malaysia held at Kompleks Sukan Kota Kinabalu.

He said the bank is targeting customers through its Ikhwan credit card, Amanah Saham Bumiputera financing as well as deposits for customers.

However, he said the main drive for the bank is to create a lot more awareness on Islamic banking in the coming months.

"We just want to get out there and convince customers to look at syariah-compliant products," he added.

He said the bank's current account has one of the best returns and gives an additional two per cent bonus in comparison to other Islamic banks.

"Maybank Islamic is the largest Islamic bank not only in Malaysia but also in Asia. It's very important business for the Maybank group as well," he added.

At present, Maybank Islamic has more than four million customers and expects the number to grow.

Muzaffar said the Islamic banking clientele consist of a good mix of Muslims and non-Muslims.

He added that the company is looking at growing its Asean business.

"At the moment our key foreign markets are Singapore and Indonesia. Bank Internasional Indonesia (Maybank's Indonesian subsidiary) has an Islamic business. It's not big but offers tremendous growth in the market. As for new markets, if there is opportunity we will explore Brunei as well," he added.

Source: http://www.btimes.com.my


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