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Bank Muamalat Clarifies New Rates
Last update: 02/02/2018

KUALA LUMPUR, Feb 2 (Bernama) --†Bank Muamalat†clarifies that in line with Bank Negara†Malaysia's decision to increase the overnight policy rate to 3.25 per cent, effective Feb 6, 2018, it would increase its base rate (BR) from 3.75 per cent to 3.95 per cent per annum, and not 4.00 per cent as announced earlier.

The base financing rate (BFR) was†revised to 6.95 per cent†from†6.75 per cent per annum and†not to†7.00†per annum, the bank said in a statement today.

"This will†effectively impact all floating rate financing packages pegged to BR and BFR," it said.

Fixed term deposit board rates were†also increased†by up to 20†basis points instead of 25 basis points.

"The increase in reference rates is in line with the market. Bank Muamalat shall continue to manage its assets and†liabilities responsibly and meet stakeholders' expectations.

"We are also actively engaging to further expand our†business," said Chief Executive Officer Datuk†Mohd Redza Shah.



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US 3.9755/9785
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Euro 4.6927/6974
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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