Islamic Banking received greater attention as a banking option in the international financial scene in the 1970s. However, its introduction is not new as its philosophies and principles were outlined in the Holy Quran and the Sunnah of Prophet Muhammad more than 1,400 years ago.

In Malaysia, the enactment of the Islamic Banking Act that came into effect on 7 April 1983 marked its official introduction into the banking arena. On 1 July 2002, Takaful business was launched by Mayban Takaful Berhad, which is licensed under the Takaful Act 1984. Maybank Group is proud to play an important role in the development and promotion of Islamic Banking & Takaful in Malaysia and beyond.

On January 1st 2008, Maybank’s Islamic Banking began to operate under a new subsidiary of Maybank known as Maybank Islamic Berhad (MIB).

By moving into MIB, customers will enjoy a better range of Islamic products and services. This includes among others financing in foreign currencies and intensify efforts to develop and package products and services that are well-received by customers, domestically and internationally. Apart from that, to leverage on existing infrastructure of the parent bank (i.e. Maybank) which includes distribution channels, network, sales force, systems, risk management and support services for revenue maximization and cost efficiency.

Shariah Committee of MIB will serve all Shariah requirements of the subsidiaries within the Maybank group.