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4 Islamic Banks driving digitisation in Malaysia

By Delisha Fernandes

March 20, 2024

  • Consumer Banking
  • Digital Banking
  • Electronic Banking
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IBS Intelligence - 5 notable Islamic banks in Malaysia

In recent years, the financial landscape in Malaysia has witnessed a significant transformation with the emergence of Islamic banking as a formidable force. Islamic banking institutions have not only grown in number but have also been at the forefront of embracing digital technologies to enhance their services and reach a wider customer base.

This digitization drive has not only streamlined operations but has also enriched customer experiences, fostering financial inclusion and innovation within the Islamic finance sector.

Islamic Finance is often called Sharia-compliant finance, highlighting the main difference between conventional and Islamic Finance. While both types of Finance must obey the country’s laws in which they are offered, Sharia-compliant Finance is also designed to be compatible with the laws of Islam.

Here are 4 Islamic Banks driving digitisation in Malaysia:

AmBank Islamic Berhad (AmBank Islamic) is the Islamic banking arm of AmBank Group (the Group). It offers a comprehensive range of Shariah-compliant retail and non-retail banking products and services, including treasury and trade solutions. The bank enhances its digital banking experience on AmOnline.

Alliance Bank and its subsidiary Alliance Islamic Bank Berhad, is a dynamic, integrated financial services group offering digital banking and financial solutions through its consumer banking, SME banking, corporate and commercial banking, and Islamic banking businesses.

Bank Muamalat is a Islamic bank that offers its customers a broad range of services, meeting the needs of both individuals and institutions. Recently the bank has announced a multi-year collaboration with Google Cloud to accelerate its transformation into a digital Islamic bank. This collaboration aims to leverage Google Cloud’s integrated capabilities in modern infrastructure, data analytics, security, and generative AI (gen AI) to deliver personalised and inclusive digital banking services to Malaysians.

Maybank Islamic Berhad, the Islamic banking arm of the Maybank Group, is the leading provider of Islamic financial products and services. Maybank Islamic spearheads the Islamic banking and finance industry through cross-border business in retail and investment banking and the development of new, innovative and competitive propositions. It offers a wide range of products and services across more than 354 Maybank touch points in Malaysia, as well as international operations in Dubai, Indonesia, Singapore, Hong Kong, London and Labuan.

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