Challenges of In-House Counsel in The Face of Developments in Islamic Banking - A Malaysian Perspective

Shahnaz Jamil, Senior Legal Counsel, Malayan Banking Berhad (Maybank), Malaysia

In response to the aspirations of a large number of Muslims in the country and as an alternative to the conventional method of banking which has been established, the Government introduced Islamic banking in the early 1980s with the setting up of the first Islamic bank in Malaysia in 1983, pursuant to the promulgation of the Islamic Banking Act in the same year. This was followed by the launch of the second Islamic bank in the late 1990s and most local banks have since then started off with an Islamic ‘window’ to undertake Islamic banking activities.

Malayan Banking Berhad (Maybank) is the largest banking group in Malaysia and has a strong regional presence in South East Asia. Total assets of RM331 billion Total Shareholders' funds of RM26.7 billion More than 39,000 Maybankers serving over 16.3 million customers