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Bank Muamalat Targets To Disburse RM3.0 Billion In Loans By Year-end
Last update: 19/06/2017

KUALA LUMPUR, June 19 (Bernama) -- Bank Muamalat Malaysia Bhd targets to disburse RM3 billion in financial assistance by year-end, from RM2 billion disbursed last year.

Chief Executive Officer Datuk Mohd Redza Shah Abdul Wahid said 60 per cent of the amount had been allocated for the consumer segment and the balance for the corporate segment.

"As of May 31, 2017, the bank has disbursed over RM400 million in loans.

"We are also aiming to see eight to ten per cent growth in this year's overall financial performance, compared to the five per cent growth we achieved last year," he told reporters during the bank's annual corporate social responsibility programme, "Break Fast & Furious 4", here, on Sunday.

More than 200 children from Maahad Tahfiz al-Hidayah, Tanjung Malim, Madrasah al-Huffaz Wal Ulum, Puncak Alam, Orkid Children, Petaling Jaya and Wisma Harapan, Brickfields, Kuala Lumpur took part in the programme.

He said the bank was optimistic of achieving the target as it would be rolling-out an aggressive marketing strategy, such as approaching prospective customers, instead of waiting for them to come to the bank.

On its Investment Account Platform (IAP), Mohd Redza said Bank Muamalat aimed to raise RM60 million through the Internet-based crowdfunding platform to finance small and medium-sized businesses.

Launched in February last year, the IAP is a banking product offered by Islamic banking institutions, which provided customers with the opportunity to invest in and share the profits from syariah-compliant investment activities.

He said the bank had managed to raise RM10 million during the first year of IAP's operation.

"The investors were mainly from our existing customers as they understand the product better," he said, adding that many were from cooperative bodies.

On IAP's first year performance, Mohd Redza said, it was quite slow, due to lack of public understanding in the type of investments.

"Though it has been slow, but it is certainly moving. It will only kick-off in a big way in two years' time.

"We need to ensure that the IAP makes a solid investment to gain the public's confidence and provide good returns," he said.

IAP was developed by a consortium of six local Islamic banking institutions, namely Affin Islamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd, Maybank Islamic Bhd, Bank Kerjasama Rakyat Malaysia Bhd and Bank Simpanan Nasional.

Through the IAP, Islamic banking institutions would facilitate matching of investments with the identified ventures or projects that are in need of funding through this platform.

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MIDDAY, THURSDAY, OCT 19
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S'pore 3.1087/1113
100 Yen 3.7399/7427
Sterling 5.5808/5847
Euro 4.9851/9879
Source: Bank Negara Malaysia

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