KUALA LUMPUR, July 8 (Bernama) -- In response to Bank Negara Malaysia’s (“BNM”) decision on 7 July 2020 to reduce the Overnight Policy Rate (“OPR”) to 1.75%, Bank Muamalat Malaysia Berhad’s BR and BFR will be accordingly revised by 25 basis points from 2.81% p.a. to 2.56% p.a. and 5.81% p.a. to 5.56% p.a. respectively, with effect from 13 July 2020. This will affect all floating rate financing packages pegged to the BR and BFR.

In line with the reduction in BR and BFR, Bank Muamalat’s FTA-i deposit rates will also be revised downward by 25 basis points.

According to its Chief Executive Officer, Khairul Kamarudin, the rate revision is in line with the reduction in OPR to 1.75% as announced by BNM recently.

“The reduction will lower the costs of financing and result in higher disposable income in the hands of consumers. We hope this will boost spending and spur the domestic economy,” said Khairul.

He added that Bank Muamalat will continue to manage its assets and liabilities responsibly while supporting the current economic growth initiatives.

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 offers corporate and institutional customers the full product range 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 of 66 branches. In addition, Bank Muamalat also has its electronic channels encompassing i-Muamalat (the Bank’s internet banking solution) and our Self Service Terminals (SST) which are available at almost 141 locations through its network of ATMs, CDMs and CICOs. We also provide corporate internet banking at your convenience.

Bank Muamalat is a member of the DRB-HICOM Berhad Group which owns 70% of the Bank’s shares with the remaining stake held by Khazanah Nasional Berhad.

Bank Muamalat was officially accepted as a member of Global Alliance for Banking on Values (GABV) on 15 November 2017. Signaling a growing appetite for the values-based banking movement, Bank Muamalat is the first Islamic bank in the world and the first in Southeast Asean region to be accepted as a member of GABV.

SOURCE: Bank Muamalat Malaysia Berhad

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Saidatul Leiza Suleiman
Tel: +6011 1061 5266 
Email:  leiza@muamalat.com.my

--BERNAMA