The bank, renamed Maybank Syariah Indonesia (MSI), is also expected to strengthen Malayan Banking Bhd (Maybank)'s leadership in the region's Islamic banking industry.
Maybank president and chief executive officer Datuk Seri Abdul Wahid Omar said Islamic banking in Indonesia constitutes only 3 per cent of the total banking industry, with 11 institutions holding full-fledged syariah banking licences.
"We believe we can expedite the growth of the industry by bringing to market our range of Islamic-based products and services," he told reporters after the launch of MSI in Jakarta on Friday.
Also present was Maybank chairman Tan Sri Megat Zaharuddin Megat Mohd Nor.
Abdul Wahid said a presence in Indonesia, the largest market in Asean, would assist Maybank in reaching its target of becoming a leading Islamic bank in Asean by 2015 in terms of reach.
BMI, which has been operating in Indonesia since 1994, received approval from the central bank on September 23 this year to convert its operations into an Islamic bank. In the past, it has been operating mainly in wholesale banking, offering corporate banking, trade finance and treasury services; while it also offered niche retail banking services.
Now, in the retail segment, MSI would introduce products and services for high net-worth individuals such as Islamic credit cards, bancassurance, and investment product as well as open up more Islamic branches.
Its corporate segment will focus on financing the growth sectors such as natural resources sectors, infrastructure, automotive and housing, and at the same time serve as referrals for initial public offering, sukuk underwriting and advisory services.
Maybank's full-fledged commercial bank, Bank Internasional Indonesia (BII), currently has a network of over 300 branches throughout Indonesia.
The group's Islamic banking subsidiary, Maybank Islamic Bhd (MIB) is now the largest Islamic bank by assets in the country and the Asia Pacific region. It is also ranked 17th in the world.
Maybank started offering Islamic banking services in Malaysia in 1993 through an Islamic banking window at all its branches. On January 1 2008, the group launched MIB, which branches are co-located at all Maybank branches as well as through its own network of 12 branches.
The group commands 17 per cent market share in Malaysia's Islamic banking industry with syariah-compliant assets of over RM44 billion, or 17 per cent of the country's total Islamic assets as at end June 2010. In the first quarter ended September 2010, MIB's profit before tax and zakat rose 167 per cent to RM195.3 million, up from RM73.1 million previously.
Maybank has also extended its Islamic banking services to its global offices in Singapore, Bahrain, London and Labuan International Financial Centre.
Source : http://www.btimes.com.my/Current_News/BTIMES/articles/17BMI/Article/ - Dec 20, 2010
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