Bank Islam targets investment funds growth of RM800m

The reorganisation would see Bank Islam taking over the listing status of BIMB, a structure similar to that of Affin Bank Bhd and RHB Bank Bhd.

KUALA LUMPUR: Bank Islam Malaysia Bhd aims to achieve an investment funds growth of RM800 million this year, driven by the launch of its enhanced Al-Awfar product, which includes new features and attractive offers for customers.

Chief executive officer Mohd Muazzam Mohamed said the bank is also looking to attract 230,000 new customers this year via the product, adding that Al-Awfar had been successful in attracting new customers since it was launched in 2009.

“Over the last decade, Al-Awfar has produced 23 millionaires. Bank Islam has received an overwhelming response (for the product), and we achieved a good track record with a total fund size of RM2.45 billion and 771,496 accounts.

“Based on this encouraging response, we decided to further improve the product, enhance the draw prize structure and increase the total value of prizes from RM10 million to over RM14 million,” he told reporters at the launch of the enhanced product here, today.

The draws are divided into three main categories, namely half-yearly special draws, quarterly draws and monthly draws.

Prizes include cash, luxury cars, an umrah package and Apple brand products such as iMac, Macbook Pro and Iphone.

At the same time, Mohd Muazzam said Bank Islam would continue to hold its monthly campaign, “Jom Pindah Gaji” until year-end.

"We offer a cash prize totalling RM100,000 to 13 winners each month. Customers only need to transfer their salaries to Bank Islam to be eligible for this draw, which is open to government servants and all agencies under it,” he added. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

Moody’s: Sustainable bonds issuance to top US$850bil
Public Mutual declares gross distributions of RM235m for 13 funds
Central banks go big on gold buying
Earnings bounce, bond-yield drop help keep party going for US stocks
Bitcoin rallies past key $40,000
PBOC: China will maintain prudent, flexible monetary policy
Bank Rakyat launches entrepreneur programme
CPO futures seen trading with upward bias next week
As scrutiny mounts, crypto exchange Binance to wind down derivatives in Europe
Oil price climbs, notches fourth monthly gain on growing demand

Stories You'll Enjoy