KUALA LUMPUR (June 13): Malaysia's largest Islamic bank in terms of assets, Maybank Islamic Bhd, has emerged as the Asia-Pacific winner of The Banker's Islamic Bank of the Year in 2017.

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

The Banker, a financial publication, acknowledged Maybank Islamic's leadership in Malaysia's Islamic finance market when it claims top position among Shariah-compliant financiers in the country.

It noted that 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.

"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%," it said.

For the financial year ended Dec 31, 2016, Maybank Islamic's net profit rose 10% to RM1.34 billion and total assets grew 16% to RM181.8 billion.

The Banker said Maybank Islamic's steady growth pace in Singapore and Indonesia also contributed to its recognition as the best in Asia Pacific.

The magazine said that in Singapore, there has been a 73% growth in total Shariah assets between 2010 and 2016, with total financing growth of 61% year on year last year; while in Indonesia, financing and deposit grew by 61% and 71% respectively in 2016, as profit before tax jumped by 62% over the same period.

"Though the collective contributions of these two markets to Maybank Islamic's total assets [are] still small, at just 6.4%, their growth trajectory remains overwhelmingly positive," said The Banker.

Maybank Islamic chief executive officer Datuk Mohamed Rafique Merican credited the achievements to the bank's employees and sound risk management practices across the Malayan Banking 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.

"Going forward, we intend to further enhance our global brand visibility, while [continuing] 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," he said.