KUALA LUMPUR, March 15 (Bernama) --
Bank Muamalat Malaysia Berhad (“Bank Muamalat’) would like to clarify with reference to the Press Release issued by Majlis Agama Islam Selangor (“MAIS”) which appeared in The Star dated 10/3/2017 and the local media.
The lawsuit in reference is with respect to the legal action taken by MAIS and Kolej Universiti Islam Selangor (KUIS) against Redha Resources Sdn Bhd (“RRSB”) as First Defendant and Bank Muamalat as Second Defendant. This lawsuit relates to a Syndicated Financing amounting to RM125.8 million providing by Bank Muamalat and two other financial institutions. The plaintiff intended to annul the Concession Agreement and consequently the Payment Guarantee given to Bank Muamalat and 2 other financial institutions. The hearing has concluded and it is pending decision by the High Court of Shah Alam.
In the meantime, Bank Muamalat has initiated legal action against RRSB and its guarantors. The judgement against RRSB and the guarantors has been obtained. The execution proceedings against the guarantors are still ongoing.
Bank Muamalat has not initiated any legal action against MAIS and/or KUIS in respect of the Payment Guarantee provided by MAIS and KUIS. We will act in the best interest of the Bank to recover the amounts due. Bank Muamalat’s rights against MAIS and KUIS are reserved.
Bank Muamalat is unable to comment further as it may be subjudice the lawsuits ongoing and forthcoming.About Bank Muamalat Malaysia Berhad
Bank Muamalat is a leading Islamic bank, established on 1 October 1999, and is governed by Islamic Financial Services Act 2013 (IFSA). As a full-fledged Islamic financial institution, the bank offers its customers a broad range of services, meeting the needs of both individuals and institutions.
In essence, Bank Muamalat provides individuals with services ranging from deposit accounts and asset management to financing needs such as for automobiles, homes as well as for personal use. The Bank similarly offers corporate and institutional customers the full product assortment of a leading corporate and investment bank, from cash management, payment solutions including trade and export finance to international foreign exchange, financing and capital market transactions.
Bank Muamalat has presence nationwide via a network 61 branches, in addition to its electronic channel, encompassing i-Muamalat, the Bank’s internet banking solution, and e-Muamalat, available at almost 240 locations, referring to its network of ATMs, CDMs, and CDTs.
Bank Muamalat is a member of the DRB-HICOM Berhad Group where the public listed company owns 70% of the Bank’s shares with the remaining stake held by Khazanah Nasional Berhad, the nation’s investment arm. SOURCE : Bank Muamalat Malaysia Berhad
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