Bank Islam revise downwards BR, BFR effective July 10

by BERNAMA / pic by MUHD AMIN NAHARUL

Bank Islam Malaysia Bhd is revising its Base Rate (BR) by 25 basis points from 2.77% to 2.52% per annum, while Base Financing Rate (BFR) is revised from 5.72% to 5.47% per annum.

In a statement today, the bank said, similarly, deposit rates will also be adjusted downwards by 25 basis points.

“All rate changes will be effective from July 10. The decision is in response to Bank Negara Malaysia’s announcement to reduce the Overnight Policy Rate (OPR) by 25 basis points from 2% to 1.75%,” it said.

The last revision in Bank Islam’s BR was on May 12, 2020, when it was revised from 3.27% to 2.77%, while BFR was reduced from 6.22% to 5.72%.

Chief executive officer Mohd Muazzam Mohamed said the revision is timely as the moratorium period is coming to an end.

“We foresee that this move will cushion the post-moratorium impact to majority of our customers by easing their monthly installment commitments.

“It is the Bank’s priority to ensure customers’ financial needs are considered through this challenging environment. We are ever ready to provide consultation on repayment arrangements with customers whom are badly affected by the COVID-19 pandemic,” he said.

Mohd Muazzam said the bank is committed to continue promoting various financial solutions which suits customers’ needs and expectations amid the changes in the economic landscape.

In order to serve its customers better, Bank Islam will continue to advocate sustainability of its business by leveraging on technological advancements and innovation, he added.