Maybank Philippines has officially launched its Islamic banking unit, becoming the first commercial bank in the country to offer Shariah-compliant financial services.
The unit began operations on 14 August, following the approval of its license from the Bangko Sentral ng Pilipinas (BSP) in July.
This marks the second Islamic banking unit (IBU) to be licensed in the Philippines, with CARD Bank being the first in June 2023.
An IBU is a dedicated division within a conventional bank that operates under Shari’ah principles, as outlined by BSP regulations.
Maybank held a soft launch for the new unit on 25 July 2024, ahead of its official opening.
During the inauguration, BSP Managing Director Judith E. Sungsai highlighted the importance of integrating Islamic banking into the country’s financial system, describing it as a key step toward expanding the Islamic finance sector in the Philippines.
“The BSP will continue to work closely with industry players to ensure the robust and sustainable growth of the Islamic banking sector,”
added Managing Director Sungsai.
To encourage greater participation in the sector, the BSP has introduced regulatory reforms aimed at attracting both domestic and foreign banks to engage in Islamic banking.
