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Tag: #bankislam

  • BANK ISLAM MAKES SIGNIFICANT MOVE WITH FIFTH TRANCHE OF RM400 MILLION SUKUK MURABAHAH.

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    In a significant move, Bank Islam Malaysia Berhad (Bank Islam) has issued its fifth tranche of Subordinated Sukuk Murabahah, amounting to RM400.0 million, within the framework of its RM10.0 billion Sukuk Murabahah Programme. This development marks another milestone for the bank in expanding its financial operations.

    The Sukuk Murabahah shall qualify as Tier 2 regulatory capital of Bank Islam in compliance with Bank Negara Malaysia’s Capital Adequacy Framework for Islamic Banks (Capital Components). Hence, it will enhance the capital adequacy of Bank Islam in line with the Basel III requirements.

    The Sukuk Murabahah, which will be redeemed at its full nominal value upon maturity, comes with a call option on its fifth anniversary and is rated A1/stable by RAM Rating Services Berhad.

    Bank Islam is the principal adviser, lead arranger, lead manager, and Shariah adviser for the Sukuk Murabahah program.

  • BANK ISLAM AND QWORK UNITE TO STRENGTHEN FINANCIAL ACCESS IN THE GIG ECONOMY.

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    The partnership between Bank Islam and Qwork signifies a proactive move towards democratizing financial services for gig economy workers. This dynamic collaboration empowers freelancers by providing them with increased access to financial tools and resources. By leveraging Qwork’s innovative platform, Bank Islam is demonstrating its dedication to advancing financial inclusivity and supporting the evolving needs of the modern workforce.

    With this partnership, Bank Islam aims to tap into Qwork’s extensive pool of gig workers via its intuitive platform to provide flexible financial solutions tailored to the needs of freelancers. By leveraging Qwork’s diverse talent network, Bank Islam aims to address the growing workforce segment’s economic challenges and offer them access to Shariah-compliant banking products and services.

    Bank Islam can promote Qwork’s advertised jobs within its Be U By Bank Islam app, which is 100% digital. Aside from accessing banking services, customers can use the ‘Gig Marketplace’ feature within the app to find income opportunities provided by Qwork. The effort aligns with Be U’s endeavors to respond to the needs of young adults who seek to earn spare cash through short-term jobs.

    Bank Islam Group Chief Digital Officer, Noor Farilla Abdullah, expressed her enthusiasm about the partnership. She stated, “We are delighted to collaborate with Qwork in our ongoing efforts to bolster the overall Be U app. Incorporating this use case into the app will empower users to handle their finances and earn a living. With everything on a single platform, users can easily track and manage their finances and access tailored solutions that cater to freelancers. This partnership aligns perfectly with our commitment to serving the needs of underserved communities and promoting equitable financial practices.”

    Earlier in September 2023, Be U by Bank Islam launched its debit card that is 100% issued, delivered, and managed through the app. Apart from providing convenient payment services, the Be U by Bank Islam app continues to release customer-centric solutions designed for the younger generation and freelancers. Bank Islam plans to introduce flexible financing options, digital payment solutions, and financial planning services in the Be U app.

    By understanding the unique needs and challenges of the freelance community, the bank aims to provide them with the support and tools necessary to thrive in today’s dynamic economy.

    Qwork’s CEO, Muna Munirah, highlighted the importance of the partnership, stating, “We are thrilled to partner with Bank Islam to empower freelancers and provide them with access to Islamic banking products and services. This collaboration aims to democratize benefits with the likes of working for an MNC for gig workers, a.k.a. freelancers on Qwork.”

    Bank Islam and Qwork are confident that this partnership will significantly impact the freelance community, fostering financial stability and unlocking new growth opportunities. By combining their expertise and resources, both organizations are committed to creating an ecosystem that supports the financial aspirations of freelancers, ultimately contributing to the growth and development of the Malaysian economy.

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  • BANK ISLAM RECEIVED ISO 37001 ANTI-BRIBERY MANAGEMENT SYSTEM CERTIFICATION AS THE FIRST FULL-FLEDGED ISLAMIC FINANCIAL INSTITUTION.

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    Bank Islam Malaysia Berhad (Bank Islam or the Bank), which has achieved the ISO 37001 Anti-Bribery Management System (ABMS) certification from ABAC Center of Excellence Sdn Bhd (ABAC), is the first fully-fledged Islamic financial institution in Malaysia to receive this renowned accreditation.

    Bank Islam’s Chairman, Tan Sri Dr. Ismail Bakar, received the accreditation at the certification ceremony held at Menara Bank Islam earlier today from the Group CEO of ABAC, Zafar Anjum. Also in attendance was Bank Islam Group Chief Executive Officer Dato’ Mohd Muazzam Mohamed.

    Bank Islam Group Chief Executive Officer, Dato’ Mohd Muazzam Mohamed, said the ISO 37001 certification acknowledged the bank’s anti-corruption practices and declared its commitment to zero-tolerance against bribery and corruption. This certification sets new standards in the industry and distinguishes Bank Islam as an ethical and responsible organization.

    “The ISO 37001 certification assures the management, staff, customers, and other stakeholders that the bank has taken appropriate measures to prevent graft. It also improves organizational efficiency and effectiveness in managing risks associated with bribery.

    “With this certification in place, we firmly believe customers, business partners, and other valued stakeholders will further place their trust in Bank Islam to manage their interests,” he said.

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    ISO 37001 is an international standard that specifies requirements and provides guidance for establishing, implementing, maintaining, reviewing, and improving an anti-bribery management system.

    According to Mohd Muazzam, Bank Islam constantly strives to enhance integrity by educating and increasing awareness among its employees.

    “We undertook several critical measures and policies to obtain the ISO 37001 ABMS certification, including implementing the ABMS Guideline, which serves as an internal document verifying that documented procedures met the ISO 37001 ABMS Standard requirements. This accreditation also complements the bank’s effort in ensuring the strictest code of conduct, good governance, and integrity,” he explains.

    In July 2022, Bank Islam launched its inaugural organizational anti-corruption plan (OACP) for 2022–2025. The Bank also introduced the Group Anti-Bribery and Corruption Policy in 2021, outlining the roles and responsibilities of employees in upholding fundamental values of integrity, transparency, and accountability consistently across its operations.

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  • A 6.02% income distribution yield was declared by BIMB Investment for its Global Shariah-ESG Equity Fund.

    A 6.02% income distribution yield was declared by BIMB Investment for its Global Shariah-ESG Equity Fund.

    The following income distribution has been made by BIMB Investment Management Berhad (BIMB Investment), a wholly owned subsidiary of Bank Islam Malaysia Berhad (Bank Islam), for the BIMB-ARABESQUE i Global Dividend Fund 1 (BiGDF1) or (the Fund) for its fiscal year ending 31 March 2024:

    Fund Name  Asset Class  Yield (%)  Sen/cent per unit
    BIMB-ARABESQUE i Global Dividend Fund 1 RM  6.02%  2.90
    USD  6.12%  2.90
    RM Hedged  6.19%  2.80
    SGD  6.10%  2.60

    BIMB Investment’s Chief Executive Officer, Azdini Nor Azman, said, ‘‘We would like to thank our  unitholders for their unwavering support and trust in our BiGDF1. Their confidence has translated  into a strong performance, resulting in income distributions of 2.90 sen/cent per unit for the RM  Class and USD Class, 2.80 sen/cent per unit for the RM Hedged Class, and 2.60 sen/cent per  unit for the SGD Class. The income distribution yield of the Fund is 6.02% for the RM Class,  6.12% for the USD Class, 6.19% for the RM Hedged Class, and 6.10% for the SGD Class.” 

    She adds, “With BiGDF1, the landscape of fund management is evolving through the financial  technology solution that constructs investment portfolios focusing on capital growth while effectively managing market volatility, conducting data analysis, and making intuition-free  decisions. BiGDF1 seamlessly incorporates Shariah values and environmental, social and  governance (ESG) principles, harnessing the power of Artificial Intelligence (AI) technology to  provide consistent, sustainable performance. Our dedication remains firmly rooted in delivering  value and sustainable performance with risk management at the forefront of our commitment to  investors.” 

    BiGDF1, first introduced in November 2015 and relaunched in 2019 for retail investors, is one of  the largest Shariah global equity funds in Malaysia, with more than RM200 million in fund size as  of 31 August 2023, according to the Refinitiv Lipper IM rank. The Fund was awarded Best ESG  Equity Fund 2020 by The Asset Islamic Finance Awards 2020. The Fund seeks long-term capital  appreciation and provides investors access to investments in Shariah-compliant global equities. 

    It suits investors seeking exposure to Shariah-compliant global developed markets equity, with  moderate to high-risk tolerance and a 5-year or more investment horizon. The Fund invests a  minimum of 90% of the Fund’s net asset value (NAV) into the Target Fund and a maximum of  10% of the Fund’s NAV into Islamic fixed deposits, Islamic money market instruments, and/or  Islamic liquid markets. The Fund rebalances its portfolio daily between equity and cash for  sustainable risk-adjusted investment returns and to reduce risks and drawdowns during failing  markets. The minimum initial investment amount is RM500 for the RM Class and the RM Hedged  Class, SGD500 for the SGD Class, and USD500 for the USD Class. 

    Bank Islam’s Group Chief Executive Officer, Mohd Muazzam Mohamed, said, “The Bank Islam  Group remains committed to incorporating Shariah principles within the Group and considering  ESG factors. This commitment aims to enhance resilience and foster financial inclusion for  everyone. We believe ESG-focused investments are poised to become the prevailing trend, and  companies that prioritise ESG considerations will excel and demonstrate greater long-term  resilience.” 

  • FOR THE CONVENIENCE OF NATIONAL ZOO VISITORS, SURAU ABU HURAIRAH IS OFFICIALLY OPENING.

    FOR THE CONVENIENCE OF NATIONAL ZOO VISITORS, SURAU ABU HURAIRAH IS OFFICIALLY OPENING.

    The freshly rebuilt Surau Abu Hurairah was officially inaugurated today by Bank Islam Malaysia Berhad (Bank Islam or the Bank) in Malaysia’s National Zoo (Zoo Negara).

    This surau construction project was completed with the collaboration of the Ministry of  Defense (MINDEF), the Malaysian Armed Forces (ATM), and the Malaysian Zoological  Society. The project’s goal was to provide a fully equipped, comfortable, and easily  accessible place of worship for the visitors and staff of Zoo Negara. Construction works  began on 16 January and completed on 16 March 2023. The newly rebuilt surau opened  on 29 June, coinciding with the Hari Raya Aidiladha holiday. 

    The surau was named after a companion of Prophet Muhammad SAW, Abu Hurairah,  known for his kindness towards animals. Abu Hurairah was chosen to inspire the  community and zoo visitors to emulate his admirable qualities. 

    The project’s total cost was RM180,000, of which RM151,377.70 was allocated for  rebuilding the premises, while the remaining funds were used to enhance its facilities. The  rebuilding of the surau was financed by the Bank’s corporate social responsibility funds  and donations to Bank Islam’s crowdfunding initiative, Sadaqa House. The initiative  showcases the positive impact of Islamic financial instruments, such as charity, waqf, and  zakat, in empowering communities and safeguarding the environment. 

    Bank Islam Group Chief Executive Officer Mohd Muazzam Mohamed said the Bank is  honoured to join forces with MINDEF, ATM, and the Malaysian Zoological Society in  improving and furnishing the facility at the Zoo Negara for the convenience of its visitors  and staff. 

    “This is important to Bank Islam as Zoo Negara is a major tourist destination and an  important wildlife education centre in Malaysia. With nearly 600,000 visitors last year,  providing comfortable facilities for visitors is very important. Alhamdulillah, Surau Abu  Hurairah is now fully equipped with user-friendly features, including facilities for the elderly  and disabled,” he said.  

    Deputy Secretary General (Management) of MINDEF, Dr. Mohd Bakhari Ismail, said the  construction of Surau Abu Hurairah was carried out by 24 members from 91st Support  Regiment Royal Engineers Regiment led by Lt Kol Norhejeri Samsudin, Mejar Haziq Abdul  Jalal and Lt Al Ismail Ahmad. 

    “The #JiwaMurni initiative is a secondary responsibility of the ATM in helping the  community, especially in the areas of welfare, well-being and education. We are  delighted with this collaboration with Bank Islam and Malaysian Zoological Society as it  expresses MINDEF and ATM’s empathy and brings us closer to the community,” he said.  

    Meanwhile, Malaysian Zoological Society President Dato’ Sr. Zaharin Md Arif expresses his  confidence that the newly rebuilt surau will provide comfort and convenience to its  visitors.  

    “The surau will indirectly attract more visitors to Zoo Negara, allowing them to experience  and learn more about the uniqueness of the various wildlife here. We appreciate the  assistance and efforts of Bank Islam, MINDEF, and ATM in this meaningful project,” he said.