KUALA LUMPUR, July 8 (Bernama) -- Malaysian Rating Corp Bhd (MARC) has affirmed its 'AAA/MARC-1' financial institution rating on Maybank Islamic Bhd and 'AA+IS' on its RM1 billion Islamic subordinated sukuk with a stable outlook.
In a statement today, MARC said financial institution rating of Maybank Islamic has been equalised with its parent, Malayan Banking Bhd (Maybank), which was rated 'AAA/MARC-1/stable'.
"This reflects the importance of Maybank Islamic as the group's Islamic banking arm," it said.
Maybank Islamic contributed 15 per cent of Maybank's pre-tax profit and 19.5 per cent of gross financing for the financial year ended Dec 31, 2012, it said.
"It is also the largest Islamic bank in Malaysia, with a 26 per cent market share of financing in the domestic market and 23 per cent market share of deposit as at end-2012," it said.
The rating agency said the stable outlook on the rating also reflected its epectation that Maybank Islamic will sustain its strong market position in the domestic Islamic banking industry and remain a core entity of Maybank Group. -- BERNAMA