KUALA LUMPUR, May 13 (Bernama) -- Agrobank today announced its latest financing rate by reducing the Base Rate (BR) to 2.60% and Base Financing Rate (BFR) to 5.75%. In line with the revision, Agrobank will also adjust downwards its Fixed Return Islamic Accounts (FRIA-i) across all tenures.
 
This is in response to the recent announcement made by Bank Negara Malaysia (BNM) on Overnight Policy Rate (OPR) which was cut by 50-basis points from 2.50% to 2.00%, marked its third OPR cut of the year.
 
According to Khadijah Iskandar, Covering Duties of President / Chief Executive Officer of Agrobank, the Bank’s revised BR and BFR as well as FRIA-i profit rates will be effective on 13 May 2020.
 
“This third OPR cut for 2020 reflects the crucial need to support the Malaysian economy due to the ongoing COVID-19 outbreak that has weakened the global economic conditions in the recent period. This revision is essential to ensure that the domestic economy can continue on a steady growth path,” said Khadijah.
 
“Agrobank remains committed to help our agropreneurs to navigate through this challenging period by providing holistic financial solutions and services beyond banking to various segments of agriculture community including micro and SME businesses,” she added.
 
ABOUT AGROBANK
 
Agrobank is a leader in agriculture financing and values-based banking based (VBI)* in Malaysia. Established in 1969, Agrobank is actively involved in charting the growth and development of Malaysia’s agriculture industry by offering shariah compliant products and solutions across various customer segments including corporate, commercial, consumer, trade finance and micro financing customers. Agrobank is a full-fledged Islamic bank since 1st July 2015.
 
As a market driven, customer-centric DFI (Development Financial Institution) with a primary focus on strengthening the agriculture sector in Malaysia, Agrobank strikes an equal balance to its developmental and commercial roles to benefit the agriculture sector. Agrobank provides a comprehensive repertoire of financing solutions for the agriculture community; that includes upstream activities related to primary food and commodities-based agriculture activities to downstream activities such as processing, marketing and distribution of agricultural products.
 
Agrobank also offers retail banking financing solutions to improve the well-being of the agriculture community. This is done through its network of 192 customer touch points including 138 branches, 1 agro banking, 1 virtual banking, 10 commercial financing centre, 34 kiosk, 8 agro corners & agro point.
 
In 2019, Agrobank celebrates its golden jubilee Anniversary, as it marks 50 years of its proud establishment developing the agro industry.
 
www.agrobank.com.my
 
*VBI or value-based intermediation is an initiative by Bank Negara Malaysia (BNM) which aims to improve the products and services offered by Islamic financial institutions towards a better facilitation of entrepreneurship, community well-being, sustainable environment and economic growth, without compromising on shareholders’ returns. 

Issued by Strategic Communications Department, Agrobank

Source: Agrobank

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Ainul Rofidza Ibrahim
Head of Strategic Communications Department Agrobank
Tel: 03-2731 1600 (ext 2624) / +6019-2258210 
Email: ainul.ibrahim@agrobank.com.my
 
Name: Shahreen Rahim
Section Head of Public Relations, Strategic Communications Department Agrobank
Tel: 03-2731 1600 (ext 1660) / +6012 943 6217
Email: shahreen.rahim@agrobank.com.my

--BERNAMA