Datuk Mohamed Rafique Merican

Maybank Islamic launches rent-to-own #housing #scheme

Maybank Islamic has launched a rent-to-own (RTO) housing scheme. Named HouzKEY, the product is targeted at first-time house buyers and those who want to upgrade their homes. According to Maybank Islamic's CEO, Datuk Mohamed Rafique Merican, HouzKEY addresses the growing issue of concern for affordable home ownership. The new product will initially be made available to Maybank employees and is slated to be rolled out to the general public in early 2018. HouzKEY is the first such RTO product in the country fully enabled on a digital platform, with the application and submission of supporting documents being required to be made online. To be eligible, applicants should have a household income of at least RM5,000 and commit to a minimum rental tenure of five years. They will have the option to purchase the property after one year at a pre-agreed price.

Maybank Islamic named Asia-Pacific's Islamic Bank of the Year 2017

Maybank Islamic was named the Islamic Bank of the Year 2017 in Asia-Pacific by The Banker. The bank also received recognition in the country awards category for Malaysia. The Banker noted that Tier 1 capital and total Shariah-compliant assets enjoyed notable growth, climbing by 12% and 16%, respectively. Maybank Islamic’s return on equity for the year was 15.4%, while its cost-to-income ratio was a respectable 36% and non-performing financing were just 0.8%. The bank’s steady growth pace in Singapore and Indonesia also contributed to its recognition as the best in Asia-Pacific. Maybank Islamic's CEO Datuk Mohamed Rafique Merican attributed the bank’s achievements to its employees and sound risk management practices. He said the bank intends to further enhance its global brand visibility, while also deepening its existing regional presence.

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