Malaysia fines Maybank Islamic for info submission lapses

The bank’s failure to ensure info was submitted led to three borrowers’ credit records being impacted.

Bank Negara Malaysia (BNM) has fined Maybank Islamic Berhad about $283,000 *(MYR1.2m) for non-compliance to the Islamic Financial Services Act 2013 (IFSA) regarding submission of information to regulators.

The bank reportedly failed to ensure that information related to financing facilities provided to three borrowers was submitted in accordance with regulatory requirements. This led to the borrowers’ credit records being impacted, the BNM said.

Maybank Islamic has paid the penalty in March 2025.

Accurate reporting in the Central Credit Reference Information System by financial institutions is critical to enable fair credit assessment by lenders on prospective borrowers, the BNM said.

This is to mitigate the risk of prospective borrowers being denied loans or financing due to inaccurate credit records, it added.

(US$1 = MYR 4.24; based on 30 May 2025, from Morningstar via Google)

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