MARC has affirmed Maybank Islamic’s long-term and short-term financial institution ratings of AAA and MARC-1 respectively with a stable outlook.
The long-term FI rating of Maybank Islamic has been equalised to that of its parent Maybank based on the former’s significance as the Islamic banking arm of Maybank group, underpinned by shared infrastructure and resources.
Maybank Islamic has a leading market position with gross financing and total customer deposits accounting for 33.6 per cent and 25.6 per cent respectively of the total domestic Islamic banking sector as at end of June 2017. Its market strength stems from the ability to leverage on Maybank’s well-established brand name, infrastructure and distribution network, enabling Maybank Islamic to register strong financing growth. This growth continues to be supported by the group’s “Islamic first” strategy. As at end-2016, Maybank Islamic’s gross financing portfolio grew by 14.3 per cent y-o-y, higher than the domestic Islamic banking sector’s average growth rate of 11.4 per cent in the same period. For 1H2017, however, Maybank Islamic’s financing growth slowed down to 3.1 per cent which was in line with the trend in the domestic Islamic banking sector.