Bank Muamalat to increase total deposits by up to 20pc this year

Bank Muamalat Malaysia Bhd plans to grow its total deposits by up to 20 per cent this year from RM15 billion at present by diversifying its depositor base. Chief Executive Officer Datuk Mohd Redza Shah Abdul Wahid said the bank was aggressively diversifying its depositor base through the "Oh Yeah Deposit Campaign" as well as working with small and medium enterprises (SMEs) and business chambers. On overseas ventures, he said the bank was exploring opportunities for tie-ups with Islamic banks in Asean countries which were expected to take place in the next 12 months. Meanwhile, Chief Operating Officer Asri Awang said Bank Muamalat of optimistic of a loans growth of 15 per cent this year from its current financing base of RM11 billion.