Maybank Islamic Fined Nearly $283,000 by BNM for Credit Reporting Failures
Kuala Lumpur, Malaysia – Maybank Islamic Berhad has been fined approximately $283,000 (MYR1.2 million) by Bank Negara Malaysia (BNM) for failing to comply with the Islamic Financial Services Act 2013 (IFSA). The penalty, paid in March 2025, stems from the bank’s failure to ensure that information related to financing facilities for three borrowers was accurately submitted to regulators.
According to BNM, this oversight directly impacted the credit records of the affected borrowers. The central bank emphasized that accurate reporting to the Central Credit Reference Information System (CCRIS) is crucial for financial institutions to conduct fair credit assessments. This regulatory requirement helps mitigate the risk of prospective borrowers being unfairly denied loans or financing due due to erroneous credit information.
Click here for more on Banking
