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Bank Muamalat to increase total deposits by up to 20pc this year
Published on: Tuesday, May 06, 2014

Kuala Lumpur: Bank Muamalat Malaysia Bhd plans to grow its total deposits by up to 20 per cent this year from RM15 billion at present by diversifying its depositor base.

Chief Executive Officer Datuk Mohd Redza Shah Abdul Wahid said the bank was aggressively diversifying its depositor base through the "Oh Yeah Deposit Campaign" as well as, working with small and medium enterprises (SMEs) and business chambers.

On overseas ventures, he said the bank was exploring opportunities for tie-ups with Islamic banks in Asean countries which were expected to take place in the next 12 months.

"On local expansion, we will open four to five new branches this year.

We do not need to open many branches because we are geographically covered at the moment," he told a press conference after a prize presentation ceremony.

Meanwhile, Chief Operating Officer Asri Awang said Bank Muamalat of optimistic of a loans growth of 15 per cent this year from its current financing base of RM11 billion.

"Sixty per cent of the total is expected to accrue from our consumer banking segment while the balance from SMEs, corporate and investment activities," he added.

Meanwhile, Bank Muamalat's 70 per cent shareholder, DRB-Hicom Bhd, has expressed its intention to divest a 30 per cent stake in the bank.

When asked on the expected timeline for the completion of the sale, Chairman Tan Sri Dr Mohd Munir Abdul Majid said: "You cannot say you must divest at any time to anyone if you cannot realise value.

"It is not fair to the shareholders. If I was a shareholder, I want to realise the value first.

I just do not sell it to the first comer".

The year-long "Oh Yeah Deposit Campaign", which ended on March 31, 2014, saw a 188 per cent increase in the number of depositors to 188,000.

Total deposits during the campaign grew 300 per cent to RM442 million as at March 31, 2014.

The lucky winners, who only had to deposit a minimum of RM1,000 in their Bank Muamalat account, were Mohd Jaffri Mohd Ariffin who won RM1 million in cash, Norsheila Mohd Jamil (RM500,000) and Ahmad Zawawi Mohd Nor (RM200,000). - Bernama

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