Khairul Kamarudin

#Bank #Islam plans to #grow mobile #banking space

Bank Islam Malaysia Bhd is aiming to grow its mobile banking customer base from currently 900,000 users to two million by the year 2019. This is part of the bank’s strategic collaboration with US-based global business and technology consulting company Cognizant to develop fintech products within the network of Bank Islam’s. The banks digital banking segment accounts for less than 5% of its non-fund based income and the bank plans to increase this figure to 10%.
Bank Islam chief executive officer Khairul Kamarudin said the bank expected to roll out at least one fintech product related to retail banking by the second quarter of 2018. The bank planned to develop fintech products targeted at the retail banking and small and medium enterprise segments. “Together with Cognizant, we shall identify suitable fintech products that allow better customer engagement, to be submitted to Bank Negara’s regulatory sandbox,” he said.

Interview with Mr. Khairul Kamarudin, Deputy CEO of Bank Islam

In this interview deputy CEO of Bank Islam in Malaysia, Khairul Kamarudin, talks about the challenges Bank Islam had to face during the years. The bank had heavy losses in 2005 and 2006 and had to manage the misconceptions of the public as well. Today, Bank Islam’s customers have grown to more than 5 million. The bank was one of the four founding Islamic banks to form a consortium that launched the Investment Account Platform (IAP) in 2015. The IAP platform facilitates direct investment by investors into viable ventures of their choice. Bank Islam is involved in several social projects and foundations, like the Projek Bantuan Rumah (Housing Aid Project) and Promoting Intelligence, Nurturing Talent and Advocating Responsibility (PINTAR) Foundation.

Bank Islam Eyes 20-25 Per Cent Growth In Financing This Year

Bank Islam Malaysia targets its financing segment to grow about 20 per cent to 25 per cent this year. Its Director of Business Development Khairul Kamarudin said the target would be achieved through the introduction of four new products related to technology and microfinancing. He added that all the products will be novelty to the market. However, the bank has not obtain any regulatory approvals yet. Khairul said the bank is also targeting to reduce further its non-performing loan (NPL) ratio and to increase its retail deposits by 15 per cent this year.

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