Bloomberg/Charles Pertwee

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Maybank Islamic wants to link up GCC with ASEAN

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Last year, Maybank Islamic Bhd announced that it might receive regulatory approvals to set up its Dubai branch in the first half of this year.

Monday 10, June 2019 BY KUDAKWASHE MUZORIWA

Maybank Islamic plans to be the bridge for the Islamic banking sector between the Gulf Cooperation Council (GCC) and the ASEAN region after its Dubai branch starts its operation by June this year, reported local daily, The Edge Markets.

The lender’s Chief Executive expressed confidence that the firm will be able to facilitate trade as well as the flow of funds for financial activities between the two regions, given Maybank Islamic's strong footprints in Islamic finance in Malaysia, Indonesia and Singapore.

Mohamed Rafique Merican, the Chief executive officer of Maybank Islamic, said that Malaysia purchases oil and gas or other products from GCC and vice versa, this will allow the bank increase the trade flows between the two regions. 

TAGS : Maybank Islamic, ASEAN region, GCC

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