Malaysia’s Maybank Islamic Berhad Expands into the Middle East

Malaysia’s largest Islamic bank, Maybank Islamic Berhad (MIB) opened its first overseas branch in Dubai, United Arab Emirates (UAE), after having been granted the full Islamic banking licence from the Dubai Financial Services Authority in July 2019.

MIB’s Maybank Islamic’s Dubai operation will start small and focus on wholesale banking, emphasising on corporate finance, treasury, capital markets and trade finance.

The bank will cater to customers in Saudi Arabia, Kuwait and the UAE for now.

MIB’s Chief Executive Officer of Maybank Islamic, Dato' Mohamed Rafique Merican, stated that the bank’s venture into Dubai was strategic as it will create opportunities to capitalise on the growing demand for halal financing and allow MIB to...