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Friday March 6, 2009

Islamic banks to lower BFR

PETALING JAYA: All Islamic banks will lower their base financing rate (BFR) and publish new rates individually in line with Bank Negara Malaysia’s further reduction of Overnight Policy Rate (OPR) from 2.50% to 2.00%.

In a statement yesterday, the Association of Islamic Banking Institutions Malaysia (Aibim) said with the lower base financing rate, customers with variable-rate financing facilities have the option of retaining their financing tenure.

This can be done while reducing monthly instalment payments or shortening the tenure while maintaining the original monthly instalment amount.

Visit www.aibim.com for the list of the Islamic banks’ customer service hotlines for more information.

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