by SHAHEERA AZNAM SHAH / pic by MUHD AMIN NAHARUL
BANK Islam Malaysia Bhd has received 108,936 applications with a total outstanding loan amount of RM12.63 billion under the People’s Protection and Economic Recovery Package (Pemulih) Repayment Assistance (PRA) package.
The number consists of 108,846 individual accounts with an outstanding financing amount of RM12.6 billion and 90 applications from microenterprises and small and medium enterprise (SME) customers involving RM29.43 millon.
Bank Islam CEO Mohd Muazzam Mohamed said the bank has always been proactive in identifying their customers’ needs and providing the required support to help them make sound and informed decisions for the prevailing conditions.
“The repayment assistance will temporarily relieve their financial constraints and allow customers a breathing period to reassess their financial standing,” he said in a statement.
The bank said in supporting the Pemulih package introduced by the government last month, PRA allows eligible customers to choose between the six-month moratorium and 50% monthly instalments reduction for six months.
“The application is open for customers from the bottom 40%, middle 40% or top 20% income groups, as well as the microenterprises and SME segment who are affected by the ongoing pandemic.
“The application under PRA is still open until further notice,” the lender said.
In addition to PRA, Bank Islam also offers customised rescheduling and restructuring programmes to accommodate their customers’ needs for a suitable payment plan.
“Eligible SMEs are also provided with the Penjana Tourism Fund for customers in the tourism sector, and the Targeted Relief and Relief Facility for customers in the services sector.
“Recently, the bank introduced the Automation and Digitalisation Facility for SMEs looking for incentives to automate their processes and digitalise operations for better efficiency.
“Bank Islam also offers the BIC-i Balance Conversion Programme for credit cardholders who seek temporary financial relief,” Bank Islam said.
It added that the eligible Bank Islam Credit Card-i card members may convert the principal amount of outstanding statement balances into an instalment plan under term financing at an effective profit rate of 13% per annum for 36 months.