Maybank may be bidding for Philippines’ Islamic bank

PETALING JAYA: Malayan Banking Bhd (Maybank) said it is keeping its options open in bidding for Al Amanah Islamic Investment Bank of the Philippines, the country’s only Islam-oriented commercial bank, a Philippine’s based newspaper reported.

Al Amanah Islamic Bank is looking for a strategic partner through the sale of a 49% stake or the entire bank to a foreign entity with expertise in Islamic banks.

Maybank told the Philippine’s based newspaper that it wanted to expand further in the Asean region while strengthening its hold in the Asia-Pacific region.

“Riding on Maybank Group’s strong presence across Asean, including in the Philippines, and in line with Maybank Islamic’s aspirations to further entrench our regional footprint, we are always open to opportunities in new markets,” said Maybank.

Maybank already operates a commercial bank in the Philippines.

Maybank Islamic Bhd, a member of the Maybank Group, is the largest Islamic commercial bank in the Asia-Pacific and 17th worldwide. It is also into Islamic insurance or takaful.

“We aim to grow our Islamic business in markets like Indonesia and Singapore as part of our focus on the Asean region.

“Our Islamic banking operations, meanwhile, will focus on delivering innovative and globally accepted products and services that differentiate us from other Islamic financial institutions,” said Maybank.