MBSB aims to be an Islamic bank in 5 years

KUALA LUMPUR: Becoming an Islamic Bank is Malaysia Building Society Bhd (MBSB) vision and its CEO Datuk Ahmad Zaini said it hopes to achieve that in five years.

“This is part of our business plan. It’s a must. If you look at the business environment, we need to transform to move to that new environment,” he told reporters after its AGM on Wednesday.

He said MBSB had wanted to start the five-year plan earlier on but the mega bank merger, which involves two other banks—CIMB Group Holdings Bhd and RHB Capital Bhd, came in and it had to put a halt to its original plan.

Now that the mega merger has lapsed, it will be “re-activating” the business plan.

“We always have Islamic Banking in mind,” Zaini said.

He also said the capital requirement for it to move towards that vision was there.

“RM1bil to RM2bil is small change,” he said.

Currently, 83% of MBSB’s assets are Islamic assets.