Malaysia's Maybank Group eyes Al Amanah

MANILA, Philippines - Malaysia’s Maybank Group said it is keeping its options open in bidding for Al Amanah Islamic Investment Bank of the Philippines, the country’s only Islam-oriented commercial bank.

Al Amanah Islamic Bank is looking for a strategic partner through the sale of a 49-percent stake or the entire bank to a foreign entity with expertise in Sharia-oriented Islamic bank.

 In a communiqué to The STAR, Maybank said it wants to expand further is the ASEAN region while strengthening its hold in the Asia Pacific region.

“Riding on Maybank Group’s strong presence across ASEAN, including in the Philippines, and in line with Maybank Islamic’s aspirations to further entrench our regional footprint, we are always open to opportunities in new markets,” it said.

Maybank already operates a commercial bank in the Philippines.

Maybank Islamic Berhad, a member of the Maybank Group, is the largest Islamic commercial bank in the Asia Pacific and 17th worldwide. It is also into Islamic insurance or takaful.

“We aim to grow our Islamic business in markets like Indonesia and Singapore as part of our focus on the ASEAN region. Our Islamic banking operations, meanwhile, will focus on delivering innovative and globally accepted products and services that differentiate us from other Islamic financial institutions,” it added.

Meanwhile, Al Amanah Islamic Bank, controlled by the Development Bank of the Philippines (DBP), has sought Bangko Sentral ng Pilipinas (BSP) approval to sell its shares to the market. It is also in the process of seeking a similar approval from its individual shareholders.

The bank’s P2-billion authorized capital is 99-percent controlled by DBP, and the rest owned by individual investors.

DBP president and chief executive officer Alberto del Rosario had earlier said that they wanted to sell a portion or the entire bank by the end of 2012.