CIMB Islamic targets RM1bil financing

  • Business
  • Monday, 14 May 2007

KUALA LUMPUR: CIMB Islamic Bank Bhd expects to make available some RM1bil in financing to its business banking clientele this year, said chief executive officer Badlisyah Abdul Ghani. 

He said CIMB Islamic was targeting the halal segment and hoped the companies involved in the business would take the opportunity to discuss their financial requirements with the bank. 

“All our 55 business centres and 383 branches nationwide have been galvanised to target this sector,” he said in a statement.  

Badlisyah said awareness about halal and syariah-compliant financing has increased following the World Halal Forum organised recently.  

The forum enabled the bank to identify potential deals amounting to RM100mil in two days. 

CIMB Islamic has also entered into a strategic alliance with the Halal Industry Development Corp Sdn Bhd during the World Halal Forum, to jointly develop the halal industry. 

Badlisyah said the bank has identified Islamic finance as the missing link in halal market development, where most halal industry players were financing their activities using conventional riba-based financial instruments and less than 5% actually used Islamic finance. 

“In the future, the halal certification might also include the requirement for syariah-compliant funding and financing of the halal business operation,” he said. – Bernama  

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