Islamic banking crosses borders through Maybank Syariah

Ethical, transparent and fair, Islamic banking is one of the fastest-growing segments of global finance. It is also one of the biggest drivers of the banking industry in Indonesia, the world's largest Muslim nation - and a rising sharia finance hub, following Iran, Malaysia and Saudi Arabia.

"Sharia-compliant banking in Indonesia is growing at an annual rate of nearly 40 per cent - a huge wave that may reshape the way Indonesians and foreign investors do banking," says Norfadelizan Abdul Rahman, president and director of Maybank Syariah Indonesia.

A pioneer in the country's Islamic banking industry, Maybank Syariah synergises the far-reaching strengths of the Maybank Group. It has also expanded in the asset management sphere with the launch of Maybank GMT Asset Management, which aims to become among Indonesia's top 10 in terms of assets under management by 2017.

"Maybank Syariah is not just a sharia-compliant bank; we envision becoming a bridge as a cross-border financial intermediary from Malaysia to Indonesia, the rest of Asia-Pacific and worldwide," Norfadelizan says. "We are committed to evolving with the nation as an ideal banking citizen, leveraging distinctive strengths, including the lowest-priced US dollar loans in the market, a strong corporate governance and an efficient structure."

The bank is similarly increasing its services to companies in agriculture, oil, gas and energy, which it sees as growth industries in Indonesia. It also targets the retail market and small and medium enterprises, while growing its stronghold in corporate finance. These sectors are expected to benefit particularly from Islamic banking's caps on floating interest rates, which help protect businesses against volatile market movements.

"Ultimately, we want to offer end-to-end banking solutions - be it for retail or corporate clients," Norfadelizan says. "The industry may be in its infancy, but it is on the right path with support from the government and the increasing consciousness that sharia-compliant finance offers excellent alternative banking opportunities."

Maybank Syariah Indonesia
www.maybanksyariah.co.id