RHB Islamic Bank is expecting to disburse at least RM50 million this year to facilitate the development of entrepreneurs. The fund is part of the Teras Fund programme provided via the Bumiputera Agenda Steering Unit (Teraju). According to RHB Islamic Bank's CEO Datuk Adissadikin Ali, the collaboration with Teraju had so far disbursed RM200 million as of 2016 from the total fund raised of RM400 million. He said the original fund for the programme was RM80 million, but RHB Islamic managed to raise the fund by leveraging on resources to RM400 million.
RHB Bank is eyeing the top three spot in the Islamic banking space for its syariah complaint unit. RHB Islamic Bank CEO Datuk Adissadikin Ali said growth in the recent past years had been strong and that the bank could continue riding on this growth. He said the contribution of Islamic banking assets to the group’s total assets is 25% and that the aim was to grow this figure to 40% by the year 2020. The group syariah business is identified as one of RHB’s key growth areas under its Ignite 2017 transformation programme. The bank intends to achieve by 2017 a return on equity of more than 14%, double contributions from Singapore to 10%, have 30% in overseas contribution, scale growth in small and medium enterprises, and have Islamic banking accounting for 30% of its assets.
Alkhair Islamic Bank Bhd (AKIIB) has appointed Datuk Adissadikin Ali as its new chief executive office, succeeding Ikbal Daredia effective June 1, 2015. The bank said on Friday that Adissadikin would be responsible for the development of AKIIB, as it is the first Islamic bank in the country to conduce a full range of non-Malaysian ringgit banking activities. He will also oversee all aspects of AKIIB business in Malaysia and the surrounding regions. Meanwhile, it noted that Adissadikin has 15 years experience in the financial services sector which gave him wealth of management and leadership exposures in the industry.