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Monday November 15, 2010

Islamic bank for Angkasa

Outfit to have minimum capital of RM300mil

KUCHING: Islamic Cooperative Bank of Malaysia (ICBM), the first bank to be owned by Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa), is awaiting the greenlight from Cooperative Commission of Malaysia to start operations.

Angkasa president Prof Datuk Dr Mohd Ali Baharum said that 560 credit cooperatives with almost four million members and several non-credit based cooperatives had become associate members for the setting up of ICBM.

He said ICBM was expected to be established early next year with a minimum paid-up capital of RM300mil from the share capital of its existing credit cooperative members.

“We have also opened up ICBM to non-credit based cooperatives like agriculture cooperatives to become shareholders.

“So far, we understand that cooperatives like Felda and Felcra are keen to invest in ICBM,” he said at a briefing yesterday.

Earlier, a seminar on New Economic Model was launched by Assistant Minister of Agriculture (Farmers Organisation and Cooperative) Datuk Peter Nyarok Entrie.

Dr Mohd Ali said the main activities of ICBM would be personal financing, housing loans and capital for the development of land.

The processing would not take long as Angkasa had the expertise in such activities, he said.

He said the setting up of the bank did not require Bank Negara approval as it would be sufficient to allow Angkasa to head ICBM with the approval of Minister of Domestic Trade, Co-operatives and Consumerism.

In line with this, only one board of patrons will be established by Angkasa complete with members of board of directors and a new chief executive officer to drive ICBM.

On loan-payback rates, Dr Mohd Ali said ICBM was still studying it but added that it would not burden borrowers as the operational cost of ICBM was bound to be lower than commercial banks. — Bernama

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