Maybank Islamic Bank, the largest Islamic bank in Malaysia and Southeast Asian countries, opened its first branch outside Malaysia in the Dubai International Financial Center.


According to Emirates News Agency, My Bank, Islamic Bank, which has total assets of more than $ 57.35 billion on September 30, 2019, is the arm of Islamic banking services of the My Bank / Malayan Banking Group, which is the largest financial and banking institution in Malaysia, as it is One of the most prominent banks on the Bloomberg Global Sukuk List.


The bank branch was opened under a license granted by the Dubai Financial Services Authority to a bank that provides Islamic banking services in full, making it the first Islamic bank in Malaysia to expand its business abroad.


The DIFC contributes to stimulating the growth of the Islamic banking sector through its strong legal and regulatory environment and its dynamic and evolving financial system, as the center provides a platform that provides access to a base of more than 600 million Muslims in the Middle East and Africa only.


The My Islamic Bank branch will focus on corporate Islamic banking, as well as corporate finance solutions, treasury markets, capital and commercial financing.


On this occasion, His Excellency Issa Kazim, Governor of the Dubai International Financial Center, said: The Dubai International Financial Center continues its role in stimulating growth engines in the Islamic finance sector, which provides products and services compatible with Islamic law to more than 600 million Muslims in the Middle East and Africa alone. In line with the direction of rational leadership in Dubai for the city to be the capital of the Islamic economy, we are committed to continuing to support the growth of Islamic Sharia-compliant transactions in the Dubai International Financial Center to support the transformation of the future of the financial sector. We are pleased to welcome My Islamic Bank to establish its regional headquarters in Dubai as a major center for Islamic finance in the region.


The opening of the My Bank Islamic Bank branch in the Dubai International Financial Center will contribute to promoting the rapid growth of institutions specialized in Islamic banking and financial services, in addition to keeping pace with the strong growth in the base of Islamic assets managed within the center.


Maybank Islamic Bank joins more than 2,300 active registered companies that have chosen the Dubai International Financial Center as an ideal base for easy access to the fast growing markets of South Asian countries, while the center continues to develop its leading global business environment, and support the growth of banking in compliance with Sharia Islamic banking, in line with the vision, is a rational leadership in strengthening Dubai's position as the capital of Islamic finance.


For his part, Dato 'Mohammed Rafik Mirkan, CEO of Mai Bank Islamic Bank and Mai Bank Banking Group said: We are pleased to announce the launch of our operations in the Dubai International Financial Center, and we confirm that this important achievement paves the way for the opening of our first branch outside of Malaysia ...