Mohd Redza Shah Abdul Wahid

Bank Muamalat to boost SME funding

Bank Muamalat Malaysia expects financing for small and medium enterprises (SMEs) to contribute between 15% and 20% of its total financial portfolio for 2014. CEO Mohd Redza Shah Abdul Wahid said this will represent up to RM1.2 billion of its loans. He said the bank’s loan growth for the consumer segment was 18%, however, it was reduced to 12% this year. This is due to the bank's consumer segment softening after Bank Negara Malaysia’s (BNM) measures especially on home financing and personal financing. Besides, Bank Muamalat signed a MoU with Kuala Lumpur and Selangor Indian Chamber of Commerce and Industry (KLSICCI) and Kuala Lumpur Malay Chamber of Commerce (KLMCC). It will help the institution to increase its customer base for SME financing.

Bank Muamalat to open 1st Islamic bank in China

Malaysian Bank Muamalat announced the launch of the first Islamic bank in China. The project is planned to be realized in a two-years' time in team with Bank of Shi Zui Shan of China. The new bank will be situated in the autonomous region of Ningxia Hui. Its role will be to contribute to the development and promotion of Islamic banking in the region.

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