Maybank launches Islamic banking

Maybank launches Islamic banking

SINGAPORE: Maybank has launched an Islamic banking service in Singapore on Saturday with a Sharia-compliant online savings account and savings cum checking accounts.

Both accounts come with automated teller machine (ATM) access and other features similar to conventional products, said executives with Malaysia's largest bank.

Agil Natt, Maybank deputy president, said the growing importance of Islamic banking cannot be overemphasized, citing the interest in London and other markets.

Opening Islamic banking accounts can be done at seven of Maybank's 22 branches in Singapore.

OCBC Bank was the first to introduce Islamic banking in the city-state in the form of savings and current accounts in 1998. -- DPA