Maybank already operates the largest Islamic bank by assets in Malaysia and the Asia Pacific region, and hopes to be ASEAN’s number one Islamic bank in terms of reach by 2015. It just took a major step towards this goal by converting its Indonesian subsidiary into a full fledged Islamic bank.

The former Bank Maybank Indocorp (BMI), which had specialized in wholesale services to corporate clients such as trade finance and treasury services, officially changed its name to Maybank Syariah Indonesia this week. This followed its status change to shariah-compliant Islamic bank in October.

Indonesia, home to a growing economy and the world’s largest population of Muslims, is vital to the strategy of any Islamic bank seeking regional domination. MSI will leverage its existing operations in the country to expand into retail services like Islamic credit cards and investment products for high net worth individuals. Its corporate segment will look at financing for Indonesian growth sectors such as natural resources, construction and automotive.

source & article: The Edge Malaysia