KUALA LUMPUR, July 18 (Bernama) -- In response to several news publications and portals’ inaccurate reports against the Bank over the weekend, Bank Muamalat Malaysia Berhad wishes to emphasise the fact that the oral judgement by the Federal Court on 10 July 2019 was only on points of law raised in the appeal and the Federal Court did not rule that the Bank was guilty of union-busting or had breached any law.
 
The Bank was merely unsuccessful in challenging the Minister of Human Resources’ decision when the Federal Court affirmed the decision made by the Minister of Human Resources that the group of employees involved were not engaged in an executive, managerial, confidential and security capacity, and that the Minister of Human Resources was not obliged to produce the report of investigation upon which his decision was based.
 
The exercise conducted by the Bank was an organizational effort to help refine employees’ career prospects and advancement in addition to accommodating the Bank’s business needs in aligning to the future strategic direction of the Bank.
 
The Bank is committed to complying with all applicable laws and regulations. In this instance, employees involved were never denied union representation, and were represented by another recognized union body.

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, asset management, financing needs for automobiles, homes and personal use as well as wealth management products such as family and general takaful, investments, Islamic estate planning to non-financial products such as Islamic funeral management, Quranic learning and halal tours. 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 64 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. 
 
Bank Muamalat was officially accepted as a member of GABV on 15th November 2017. Signaling a growing appetite for the values-based banking movement, Bank Muamalat has become the first Islamic bank in the world and the first one in Southeast Asean region to be accepted as a member of Global Alliance for Banking in Values (GABV). 

Issued by Corporate Communications Department of Bank Muamalat Malaysia Berhad

Source: Bank Muamalat Malaysia Berhad

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Puan Saidatul Leiza 
Tel: 011-10615266
Email: leiza@muamalat.com.my

--BERNAMA