KUALA LUMPUR (June 15): Maybank Islamic Bhd, the country’s largest Islamic bank by assets, was named the Islamic Bank of the Year 2017 in Asia-Pacific by The Banker recently.

The bank also received recognition in the country awards category for Malaysia.

In a statement, Maybank Islamic said the recognition follows what the London-based financial publication The Banker described as “a set of impressive performance indicators” in 2016, coupled with a steady regional growth story.

The Banker also acknowledged Maybank Islamic’s leadership in Malaysia’s Islamic finance market where it claims top position among Shariah-compliant financiers in the country.

By total assets, total financing and total funding, including deposits and investment accounts, Maybank Islamic’s dominance has translated into a strong set of financial results, it added.

“Tier 1 capital and total Shariah-compliant assets also enjoyed notable growth, climbing by 12% and 16%, respectively. Maybank Islamic’s return on equity for the year was 15.4%, while its cost-to-income ratio was a respectable 36% and non-performing financing were just 0.8%,” The Banker noted.

The bank’s steady growth pace in Singapore and Indonesia also contributed to its recognition as the best in Asia-Pacific.

Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican attributed the bank’s achievements to its employees and sound risk management practices across Maybank Group.

“We are honoured to be recognised as the Islamic Bank of the Year not just for Malaysia, but also in Asia-Pacific. This is a testimonial of our commitment and capability to effectively leverage on our position as the leading Islamic bank in the region to deliver value to our customers and communities across the region and beyond,” he said.

“Going forward, we intend to further enhance our global brand visibility, while continue to deepen our existing regional presence, and taking a more leading role in promoting Islamic social finance via our Zakat and Waqf initiatives, in line with Maybank Group’s mission of humanising financial services,” added Mohamed Rafique.