Bank Muamalat cuts interest rates effective July 13


BANK Muamalat Malaysia Bhd will reduce its base rate (BR) and base financing rate (BFR) by 25 basis points to 2.56 per cent and 5.56 per cent, respectively, effective July 13.

This would affect all floating rate financing packages pegged to the BR and BFR as well as its fixed term account-i deposit rates following the Overnight Policy Rate revision, the Islamic banking group said in a statement today.

“The reduction will lower the costs of financing and result in higher disposable income in the hands of consumers. We hope this will boost spending and spur the domestic economy,” chief executive officer Khairul Kamarudin said.

He said Bank Muamalat would continue to manage its assets and liabilities responsibly while supporting the current economic growth initiatives.