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Bank Muamalat

Website www.muamalat.com.my
Location Malaysia
Impact story

Mission

At Bank Muamalat, we are committed to and responsible for:

  1. Our STAKEHOLDERS, the people closest to us; our customers and our employees.

We value our CUSTOMERS and strive to meet the financial needs by delivering timely and exemplary services in the most ethical and professional manner.

Our EMPLOYEES are our biggest asset. We value each employee’s unique contribution to the growth of the bank by creating a rewarding and healthy working environment in supporting both their professional as well as personal lives.

  1. Our SOCIETY.

We believe in giving back to the SOCIETY and we are committed to enhancing the living standard of those around us through programs and engagements that go beyond profit orientation.

  1. Our ENVIRONMENT.

We cherish our ENVIRONMENT and vow to care, safeguard and nurture it for our future generations to inherit and restore the beauty of nature.

 

History

Malaysia’s Shariah Compliant Banking Industry has been in existence for over 30 years and is now running side-by-side with the conventional banking system. Bank Muamalat Malaysia Berhad is one of the two independent full-fledged Shariah Compliant Financial Institutions established by the government of Malaysia to support the development of Islamic financial system in the country. The bank was established on 1st October 1999 from the combination of Shariah Compliant Banking division’s assets and liabilities of three local banks, namely Bank Bumiputra Malaysia, Bank of Commerce (Malaysia) and BBMB Kewangan.

Fundamentally, the bank operates based on a few core principles; mutual risk and profit sharing between parties, the assurance of fairness for all and those transactions are based on an underlying business activity or asset. Guided by the Syariah principles, activities that involve usury, speculation, gambling and unethical investment (industries that are harmful to society or cause threat to the social wellbeing which includes alcohol, tobacco, pornography etc.) are totally prohibited.

Rooted in ‘fair and just’ principle, Bank Muamalat Malaysia Berhad plays an important role in the financial service industry as a viable alternative to conventional banking and is poised to play its role in providing banking solutions to all Malaysians, irrespective of race or religious beliefs.

 

Structure

The shareholders of the bank consist of DRB-HICOM which holds 70% shares in the bank while Khazanah Nasional Berhad holds the remaining stakes.

DRB-HICOM is among the nation’s largest conglomerates involved in three core business segments; automotive, services and property & infrastructure. Khazanah Nasional Berhad is the investment holding arm of the Government of Malaysia.

The bank is headquartered in Kuala Lumpur with 63 branches nationwide, an offshore Labuan branch and 4 bureaus de change outlets. As at end of December 2017, the Bank has about 1,700 employees.

 

Management Committees

  • Dato’ Haji Mohd Redza Shah Abdul Wahid, Chief Executive Officer/ Executive Director
  • Haji Peermohamed Ibramsha, Chief Operating Officer
  • Azim Selva Abdullah, Chief Risk Officer
  • Adinor Mohamed Yunus, Chief Economist
  • Hafni Mohd Said, EVP Finance
  • Azliza Abdul Rahman, EVP Human Capital
  • Tuan Syed Alwi Mohd Sultan, EVP Strategic Planning
  • Abdul Razak Mohamed Ismail, Chief Technology Officer
  • Nor Hamidah Abu Bakar, SVP Business Banking
  • Muhammad Radzuan Ab Rahman, SVP Credit Management

 

Market focus, products, services

Consumer banking: Bank Muamalat offers varieties of products and services for consumers among others are the mortgage, vehicle and personal financing. Bank Muamalat offers first house financing scheme for customers who have yet to own a house, and a structured personal financing to help customers consolidate their existing debts.

Business Banking: Bank Muamalat’s Business Banking serves the banking needs of corporate, commercial and institutional clients as well as financial institutions. Bank Muamalat can finance client’s growth, manage day-to-day banking needs and provide a comprehensive range of banking solutions to help a business achieve their business goals. Bank Muamalat has a dedicated ‘Cooperative Unit’ that helps cooperatives across the country to raise the economic well-being of its members via the Bank’s credit and investment intermediary functions.

Service: Wakaf Selangor Muamalat, another service of Bank Muamalat designed to give convenience to its customers and the public, is a strategic collaboration between the Bank and a state council, Perbadanan Wakaf Selangor (PWS). Bank Muamalat through its extensive network of branches in the country collects contributions from the public and its customers and jointly manages the fund towards the development of education and health sectors in selected states of the country. Waqf is a dedication of property/cash by a person for charitable purposes. This is the first of such venture between a financial institution and a state council in the country. Services rendered by the bank are free-of-charge and the collaboration allows PWS to tap on the bank’s expertise in fund management and investment activities, and its network.

The bank has also developed a unique debit card that incorporates spending with social responsibility features; a first of its kind in Malaysia. To expand the collection of Waqf, the Bank has decided that a portion of the interchange fee that it receives from its merchants will be contributed to waqf fund. If a customer uses a debit card at any of the merchants, he will enable the bank to contribute to the waqf by putting aside 20% of the interchange fee income, without deducting or imposing any fee to the customer.

 

Benefit of being part of GABV member

  1. Internationally recognized with potentials for sharing of best practices across all aspects of banking and creating impact to the society
  2. Platform for cross-border transactions / banking opportunities
  3. Platform for networking with leaders of value-based banking
  4. Greater ability to influence a mind shift in banking approach from collective support of members across the globe
  5. Medium for innovation of products and services
  6. Development of future leaders via employee exchange programs or centralized GABV training/development programs

We hope that our journey in becoming a socially responsible bank will be more meaningful with GABV beside us. With the values embraced by GABV, the Bank is inspired to influence positive social and environmental impacts.

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