Malayan Banking Berhad (Maybank), a Malaysian universal bank, is opening four more Islamic Bank branches in the Philippines, a move hailed as boosting financing for halal entrepreneurs in the country and making them part of the huge halal global supply chain.
Aleem Guiapal, program manager of Halal Project Management Office (HPMO) of the Department of Trade and Industry, said this was revealed to him during a recent meeting with Enrico Cordoba, head of Maybank Philippines’ strategy and transformation division. The HPMO also received a delegation from Maybank Singapore.
The 4 new Maybank branches to offer shariah compliant products or halal financing will be located in Davao, Cebu, Taguig and Greenhills. The 4 branches are slated to open this year davao will be inaugurated this week.
Application to their islamic banking products are accessible in the 60 branches of Maybank nationwide. Maybank inaugurated its first Islamic bank in the country in Zamboanga.
Guiapal said that the expansion of Maybank in the country will help promote financial inclusion in the country, especially for the Muslim community and those producing products or engaged in operations that are required to be halal-compliant.
“This will fuel the domestic halal market welcome more Muslim tourists and provide support to our MSME exporters,” he said.
The expansion of Maybank in the country will also help build the halal ecosystem and promote the a Halal-Friendly Philippines, he added.
“Beyond banking services, Filipino halal enterprises will also learn halal certifications and best practices of Maybank Islamic in Singapore, Indonesia and Malaysia,” he said.
According to Guiapal, halal trade revenue last year hit PHP7.9 billion generated from expos in Malaysia, Canada, UAE and Saudi Arabia.
This year, Filipino halal enterprises will participate in the upcoming Halal Expo Philippines to position the Philippines as premier hub for halal in Asia and the Pacific.
The target is to reach halal trade revenue of PHP230 billion by 2028 with the joint efforts of the government, the Philippine Chamber of Commerce and Industry-Mindanao, the Board of Investments and the Bangsamoro Economic Zone Authority.
“We haven’t seen this kind of momentum and yes we are capitalizing on the role of the entrepreneurs to fully develop halal industry in the Philippines,” said Guiapal.
