Tuesday, September 10, 2024

Maybank’s Shariah-Compliant Banking for Muslim-Filipino Communities

             
Image Credit: Maybank


In a groundbreaking step, Maybank Philippines has launched its Islamic banking unit, offering a new lifeline for unbanked local communities, especially in Islamic regions. As the first commercial bank in the country to provide Shariah-compliant financial services, this initiative opens up new opportunities for those seeking ethical, interest-free banking.

Official operations began on August 14, 2024, following the approval of Maybank’s license by the Bangko Sentral ng Pilipinas (BSP) in July. This move makes Maybank the second bank to establish an Islamic banking unit (IBU) in the Philippines, after CARD Bank’s venture in 2023. An IBU operates under Shariah principles, providing accessible financial services aligned with Islamic values.


For many unbanked communities, especially in Mindanao and other Muslim-majority areas, Maybank’s Islamic banking unit offers a much-needed gateway to financial inclusion. With no access to conventional banking, these communities can now explore services like savings, investments, and loans that align with their faith.


The soft launch of Maybank’s IBU took place on July 25, 2024, before its official opening. During the event, BSP Managing Director Judith E. Sungsai stressed the importance of expanding Islamic banking in the Philippines, calling it a key step in creating more inclusive financial systems.

    
The BSP will work closely with industry leaders to ensure the Islamic banking sector grows sustainably and benefits underserved communities,” said Sungsai.


The BSP is also rolling out regulatory reforms to encourage more banks, both local and international, to join this growing sector. With these new banking options, unbanked Filipinos can now access financial services designed for their needs, helping improve their economic stability and growth.


Maybank’s Islamic banking unit promises a brighter financial future for communities long left behind by traditional banking. It’s time to bring banking to everyone."


Keep tuning at Your Ledger to get the latest updates in PH Fintech scene.


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