Bank Islam targets RM100mil for fund

  • Business
  • Thursday, 06 Mar 2003


BANK Islam Malaysia Bhd (BIMB) is targeting RM100mil in first-year deposit for its Sakinah Investment Account with the relaunch of the investment fund.  

Its consumer banking division general manager Wan Ismail Wan Yusoh said the bank had added new features, including loan facilities, to attract more investors, especially pensioners, to invest in the scheme. 

The scheme, first introduced in 1998, is only able to attract a “very small” amount of deposit because the bank has not been focusing on the product. 

“The new features include loan facilities for pensioners because normally the facilities are only offered to those up to 55 years old,” Ismail told reporters after the relaunching of the fund in Kuala Lumpur yesterday. 

The minimum investment for the investment account is RM50,000 and is for tenure of 12 to 60 months. Account holders are entitled to 70% of the profits generated from their total deposit, while the bank owns the remaining 30%. 

Account holders will also be entitled to loan facilities including personal, education, Umrah, vehicle and home financing as well as credit card services.  

Apart from that, customers will also enjoy many benefits, like the Khairat Kematian takaful scheme of RM1,000. 

The loan facilities will be on a one-to-one basis, where a customer with RM100,000 deposits in the account will be eligible for loans of similar amount.  

Bank Islam also signed a memorandum of agreement with the Malaysian Government Pensioners Association yesterday to promote the Sakinah Investment Account to its members. 

On another development, Ismail said the bank, which had been charging card holders RM8 annual fee per person, was looking at a new fee formula for the service to be more competitive. 

The bank's move to review the charges imposed on its BankCard is in line with some banks' plans to either reduce or waive the fee.  

“Whatever the outcome is, we would like to assure customers that they will get the best rate,'' he said. 

BIMB was the first to offer the BankCard in August last year and to date it has issued 100,000 BankCards. There was no fee imposed on the new card last year. 

By July 1, all card holders will have to switch to the new BankCard, the Europay-MasterCard-Visa (EMV) standard-compliance multi-purpose card, in line with the government's plans to implement nationwide electronic payment transfer environment and a cashless society.  

BIMB is believed to be launching Internet banking next month. 

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