BIMB targets to increase 7% in financing amount

By NUR HANANI AZMAN / pic by MUHD AMIN NAHARUL

BANK Islam Malaysia Bhd is targeting a 7% increase in financing amount for the next 12 months through a partnership with three professional associations — the Malaysian Institute of Architects, the Malaysian Society for Occupational Safety and Health, and the Malaysian Institute of Accountants. 

The bank yesterday inked a memorandum of understanding (MoU) and strategic collaboration with the associations to provide a complete suite of Shariah-compliant financial solutions to 44,500 registered members. 

In September 2020, BIMB signed an MoU with six health professional associations including the Malaysian Medical Association, Malaysian Pharmaceutical Society and Veterinary Association Malaysia. 

BIMB Group CEO Mohd Muazzam Mohamed said as of December 2021, the bank has approximately RM796 million of personal financing coming from 8,873 health professional customers and professionals. 

“Inspired by the take-up rate, we aim to expand our offerings for other professional segments, giving them a more personalised banking solution. 

“The collaboration is also another form of support by Bank Islam towards the country’s economic recovery. This measure is more important today with the spread of Covid-19 that has been adversely impacting the lives of individuals and businesses,” he said in his opening speech at the MoU and strategic collaboration signing ceremony yesterday. 

Through this partnership, BIMB will provide an all-encompassing financial solution that meets the various needs of each member. 

The facility made available includes BIMB’s Personal Financing-i, which offers a maximum of RM300,000 financing for up to 10 years at a competitive rate, deposit products and wealth and cash management. 

BIMB also offers small and medium enterprises banking products to facilitate the members to launch businesses related to their professions, such as accounting services, consulting firms and construction-related companies. 

The special offer by BIMB will indirectly contribute to increased membership registration for the three associations, besides enabling them to broaden their membership incentives and benefits. 

“Conscious of the current economic landscape, prudent financial management is vital in addressing present challenges. BIMB stands ever ready to meet all your financial needs, whether personal or business finances. 

“BIMB strongly believes that each of us here plays a crucial role in supporting sustainable recovery and bridging the pandemic’s economic gap. The pandemic has taught us time and again that having the right support system is the key to triumph over adversities,” Mohd Muazzam added. 

The signing of MoU and strategic partnership is a continuation of BIMB’s effort to strengthen its business through offerings of products and services that focus on a specific segment. Consequently, contributes to building a resilient industry and the nations’ economy in facing the current challenging economic landscape. 

He added that BIMB will continue to offer various Shariah-compliant financing solutions to the market while exploring the potential to increase collaborations with partners and industry players in meeting their financial needs.