Financial institutions to assist customers impacted by flood


The financial industry has continued its aid to support small and medium enterprises (SMEs) and individuals affected by floods in the northern states through banking and insurance services.

The Association of Banks in Malaysia (ABM), Association of Islamic Banking Institutions Malaysia (AIBIM), Association of Development Finance Institutions of Malaysia (ADFIM), Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA) have said that member banks have taken several steps to ensure that basic banking services are available to customers.

The institutions said customers affected by floods are advised to visit the nearest bank branches to complete their banking activities safely.

“Notices will be put up at affected branches, as well as the banks’ websites, informing customers of the nearest available bank branch to carry out their banking,” the financial institutions said in a joint statement last Friday.

Flood-affected customers are advised to consult their respective financial institutions about banking and takaful issues that may have occurred due to the floods.

“Financial institutions will give top priority to all requests for assistance from customers who have been affected by the floods.”

The institutions’ member banks have initiated various steps in assisting their customers such as loans moratorium and financing repayments, alongside restructuring and rescheduling of loans and waivered card replacement fees.

The Small Debt Resolution Schemes application has also been made available for SMEs.

Meanwhile, insurance companies and takaful operators have expedited the claim process with more flexibility in the submission of relevant documents affected by floods and premium payment, reduction of loan policy and automatic premium loans interest, as well as a fee waiver for replacement of medical card for their customers.

Heavy rainfall since last Thursday night was reported in Penang, leading to flash floods.

Some 46,701 flood victims have received an RM700 one-off payment from the Penang Bangkit Programme after being affected by the floods last November.

Customers can inquire ABM at 1300-88-9980 or its website for conventional banking purposes, AIBIM at 03-2026 8002/3 or an email to [email protected] for Islamic banking services and ADFIM at 03-2694 9871 for development finance institutions.

Similarly, LIAM can be contacted at 03-2691 6168 for life insurance enquiries, PIAM at 03-2274 7399 and MTA at 03-2031 8160.