Bank Islam lowers BR, BFR
Published on: Friday, May 10, 2019
KUALA LUMPUR: Bank Islam Malaysia Bhd (Bank Islam) is revising its base rate (BR) by 26 basis points from 4.03 per cent to 3.77 per cent per annum, while its Base Financing Rate (BFR) is reduced from 6.98 per cent to 6.72 per cent per annum, effective today (Friday).
The rate revision was due to the reduction in Bank Negara Malaysia’s Overnight Policy Rate (OPR) by 25 basis points to 3.00 per cent, said chief executive officer Mohd Muazzam Mohamed in a statement here.
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“The revision will be beneficial to our customers who have financing pegged to the BR/BFR as the effective profit rate will be adjusted downwards accordingly which translates to a lower instalment amount.
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“This is in line with the recent government aspiration to help improve the people’s cost of living as well as boosting economic activities,” he said. – Bernama