Maybank Philippines, Inc. (MPI) officially started its Islamic banking operations last month, after receiving the grant of authority from the Bangko Sentral ng Pilipinas (BSP) in July 2024.
This is the second Islamic banking unit (IBU) licensed by the BSP. The first was CARD Bank, Inc. (A Microfinance-Oriented Rural Bank) in June 2023.
Under BSP regulations, an IBU is a division, department, office, or branch of a conventional bank that operates in accordance with Shari’ah principles.
Maybank, which held a soft launch for its Islamic banking operations on 25 July 2024, is the first commercial bank in the country to have IBU license.
During the inauguration of Maybank’s IBU, BSP Managing Director Judith E. Sungsai underscored that the integration of Islamic banking in Maybank’s operations is a significant milestone in the development of Islamic finance in the Philippines.
“The BSP will continue to work closely with industry players to ensure the robust and sustainable growth of the Islamic banking sector,” Managing Director Sungsai added.
The BSP supports the entry of new players in the Islamic banking sector as part of its broader commitment to enhancing financial inclusion and fostering economic development.
The BSP has also introduced regulatory reforms to encourage greater participation in Islamic banking by both domestic and foreign banks.
MPI is a full-service commercial bank, serving retail, commercial, and corporate clients.
MPI offers an array of financial services and products that include lending (personal loans, commercial loans, corporate loans), deposit-taking, electronic banking, credit card, cash management services, wealth management, remittances, trust and fiduciary accounts, and treasury products and services.
With more than 25 years of operational experience in the Philippines, the bank has primed itself for providing exceptional service to its clients.
