IslamicFinance.de

Malaysia Building Society Bhd (MBSB) has rebranded its recently acquired Asian Finance Bank Bhd (AFB) as MBSB Bank. MBSB Bank's CEO Datuk Seri Ahmad Zaini Othman said the bank would provide Shariah-compliant products and services, such as consumer banking, business banking and trade financing. He added that the bank would also focus on developing its financial technology capabilities to attract more customers. The lender has already embarked on several digitisation initiatives, including big data projects started in June 2017. MBSB Bank plans to launch its fintech capabilities for wealth management and trade facilities by the third quarter of this year, and to have Internet banking facilities ready by end-2018. MBSB finalised its acquisition of AFB in February for RM644.95 million with the latter becoming a wholly owned subsidiary of MBSB. With the transfer of all MBSB’s Shariah-compliant assets and liabilities to AFB, MBSB Bank is the second-largest full-fledged Islamic bank in the country.