PT Bank Maybank Indocorp received approval from Indonesia' s central bank (Bank Indonesia) to convert its activities to Shariah banking from conventional banking, its parent, Malayan Banking Bhd., said in a statement today.
The Indonesian unit has changed its name to PT Bank Maybank Syariah Indonsia, Maybank said in a statement to the Kuala Lumpur stock exchange.
Maybank, said net income jumped more than fivefold to 3.82 billion ringgit ($1.2 billion ringgit) in the 12 months ended June 30, up from 691.9 million ringgit a year earlier in an exchange filing, last month. It reported a 912.5 million-ringgit profit for its fiscal fourth-quarter, compared with a 1.2 billion ringgit loss a year ago.
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