Thursday, November 17, 2011

AmIslamic eyes 30% contribution to group revenue by 2015

KUALA LUMPUR (Nov 17): AmIslamic Bank expects its revenue contribution to the group to grow to 30 per cent by 2015 from the current 20 per cent, on the back of its business strategies and the resilient economy

"We expect to maintain similar growth pace next year by coming up with new innovative products," said chief executive officer Datuk Mahdi Murad, adding the bank aims to contribute at least 40 per cent to group revenue by 2020.

Speaking to reporters after the launch of Zakat@AmIslamic Bank Thursday Mahdi said the industry could see the real effect of the eurozone crisis on the world economy next year with economists predicting a recession in Europe.

However, he said, Malaysia is insulated from the crisis as the country is not too deeply involved in the international economy, except in import and export trading that will affect some industries.

"For Islamic finance, we are also not doing much internationally, and we also do not practise unethical banking involving derivatives, so we hope to be insulated," he said.

AmIslamic Bank is the full-fledged Islamic banking subsidiary of AmBank (M) Bhd, a unit of AMMB HOLDINGS BHD [] (AMMB).

For the first half-year ending March 31, 2012, AMMB recorded a higher pre-tax profit of RM1.108 billion from RM981.425 million previously, while revenue rose to RM4.091 billion from RM3.477 billion.

Earlier, AmIslamic Bank launched Zakat@AmIslamic Bank, a new wireless zakat payment system in partnership with the Selangor Zakat Board (LZS), enabling LZS to collect zakat payments made anywhere.

"They can also pay zakat using Islamic credit card based on shariah principles at LZS' mobile zakat payment counters," he said. - Bernama

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