A Case Study: Maybank Singapore Islamic Banking

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1. Introduction
Malayan Banking Berhad (“Maybank”), a state-owned Malaysian lender and one of the top five banks within the Association of Southeast Asian Nations (Business Monitor International, 2014), expanded its operations in Singapore in 1960 to “be a regional financial services leader” by “humanising financial services across Asia” (Maybank, 2014). Maybank Singapore is Group’s largest overseas unit in terms of assets. Maybank Singapore contributes approximately 60% to the Group’s total international loan portfolio (Arshad, Ahmad, Mustapa and Mohtar, 2012).
Maybank Singapore which operates via Islamic windows was recently named by Global Finance (2013) as World’s Best Islamic Financial Institutions 2013 - Country Winner for Singapore.
The core Islamic banking businesses as well as a brief case study on a recent Islamic vessel financing in Singapore will be discussed.

2. Maybank Singapore – Islamic Banking Businesses
There have been several successes of Islamic businesses in Singapore. Maybank Singapore has developed several Islamic financial products and its main competitor is CIMB Singapore which also operates via an Islamic window. The products of both banks are shown in Appendix A.
However, Maybank and CIMB are not the main contributors of Islamic Banking in Singapore. According to Redmoney (2014, p 435), this success was proven with the “launch of more Islamic retail products in recent years by some of the banks as well as several sukuk programs being set up by Singapore-listed corporations such as City Developments Limited, Swiber Holdings Limited, and Vallianz Holdings Ltd. The world’s largest Islamic real estate investment trust, by Sabana, was listed on Singapore’s stock exchange in 2010, and several Shari’a-compli...

... middle of paper ...

... http://info.maybank2u.com.sg/ [accessed on 28 May 2014]
• Monetary Authority of Singapore (2014) "Islamic Finance – Continued Growth" - Welcome Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the 5th World Islamic Banking Conference Asia Summit on 3 Jun 2014, Available at http://www.mas.gov.sg/news-and-publications/speeches-and-monetary-policy-statements/2014/islamic-finance-continued-growth.aspx [accessed on 3 June 2014]
• Redmoney (2014) The Islamic Finance Handbook: A Practitioner's Guide to the Global Markets, Malaysia: Wiley.
• Rothaermel F.T (2013), Strategic Management, New York: McGraw-Hill
• Today Online (2014), Islamic banking industry seeking additional growth drivers dated 02 June 2014, Available at http://www.todayonline.com/business/islamic-banking-industry-seeking-additional-growth-drivers [accessed on 6 June 2014]

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