ALOR SETAR: Bank Muamalat Malaysia Berhad is aiming for an increase in profit of between 15% and 20% for this year following an encouraging performance to date by the bank.
Its chief executive officer Datuk Mohd Redza Shah Abdul Wahid said for the 15-months period for the financial year ending March 31, 2010,the bank had posted a profit before tax of RM143 million.
"For this year, for the nine-month period alone, the bank has recorded a profit before tax of RM173 million," he added.
He said the market focus of the bank was still on retail customers, in particular, personal financing, housing and car loans, although the bank introduced new products from time to time.
"The retail business still records the best growth.Our performance is good with the ability to generate even higher profits. Even with more Islamic banks, the market is still growing.
"Our non-performing loans are at a lower rate, that is two per cent," he told Bernama and RTM in an interview on Thursday night, May 26.
He said Bank Muamalat's products had succeeded in attracting a lot of non-Malay customers, particularly among corporate clients, who felt Islamic financing was more competitive and compatible to them.
Bank Muamalat now has 55 branches throughout the country and concentrated in Kuala Lumpur and Selangor but the other states had at least two.
"The latest and 56th branch will be established in Jertih, Terengganu within the next two months," Mohd Redza said.
On the proposal to merge Bank Muamalat and Bank Islam Malaysia Berhad (BIMB), he said it was good in an effort to create a mega Islamic bank, but hard to undertake in the near term.
"There was a proposal from shareholders of both banks but for the moment, there are no plans to proceed with the merger to create a bigger and more competitive entity.
"Bank Negara Malaysia may want to see a large Islamic bank to issue a mega licence in the near future. To secure the mega licence, the Islamic Bank would need a paid-up capital of US$1 billion," he added. - Bernama
Its chief executive officer Datuk Mohd Redza Shah Abdul Wahid said for the 15-months period for the financial year ending March 31, 2010,the bank had posted a profit before tax of RM143 million.
"For this year, for the nine-month period alone, the bank has recorded a profit before tax of RM173 million," he added.
He said the market focus of the bank was still on retail customers, in particular, personal financing, housing and car loans, although the bank introduced new products from time to time.
"The retail business still records the best growth.Our performance is good with the ability to generate even higher profits. Even with more Islamic banks, the market is still growing.
"Our non-performing loans are at a lower rate, that is two per cent," he told Bernama and RTM in an interview on Thursday night, May 26.
He said Bank Muamalat's products had succeeded in attracting a lot of non-Malay customers, particularly among corporate clients, who felt Islamic financing was more competitive and compatible to them.
Bank Muamalat now has 55 branches throughout the country and concentrated in Kuala Lumpur and Selangor but the other states had at least two.
"The latest and 56th branch will be established in Jertih, Terengganu within the next two months," Mohd Redza said.
On the proposal to merge Bank Muamalat and Bank Islam Malaysia Berhad (BIMB), he said it was good in an effort to create a mega Islamic bank, but hard to undertake in the near term.
"There was a proposal from shareholders of both banks but for the moment, there are no plans to proceed with the merger to create a bigger and more competitive entity.
"Bank Negara Malaysia may want to see a large Islamic bank to issue a mega licence in the near future. To secure the mega licence, the Islamic Bank would need a paid-up capital of US$1 billion," he added. - Bernama
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