KUALA LUMPUR, July 30 (Bernama) -- In line with measures announced by YAB Prime Minister Tan Sri Muhyiddin Yassin on 29 July 2020, Agrobank welcomes the initiative taken by the Government on the matter where a targeted extension for the moratorium on bank financings will be granted for those who either lost their jobs or had pay cuts this year to enable Malaysians to cope with the economic situation arising out of the COVID-19 pandemic.

“After three months, the moratorium period can be extended by the banks depending on the individual’s situation. For individuals who are employed but have had their wages cut, their monthly installments will be decreased in tandem with their pay cuts," Muhyiddin said in a televised address on Wednesday (July 29).

Commented on the announcement, Khadijah Iskandar, Covering President/ Chief Executive Office of Agrobank said, “Agrobank welcomes the proactive measures announced by YAB Prime Minister to support Malaysians who are still experiencing financial constraints during this challenging period."

"As a financial institution that has always prioritised the well-being and advancement of people and communities in agriculture industry, we hope this will help our customers who are facing with financial adversities and allow them to focus on other more critical areas of their livelihood," she added.

Khadijah further commented, apart from these two target groups, other affected customers are also welcome to contact their respective branch officers or relationship managers to discuss possible solutions to overcome any financial challenges they may be facing.

"Should the situation persist, the bank will consider the possibility of offering restructuring and rescheduling of financing and it would be open to both of our business and SME customers as well as individuals affected by the current situation and would be assessed on a case-to-case basis," she added.

According to Khadijah, since Movement Control Order (MCO) this is the second phase Agrobank is taking proactive measures to support those affected by the COVID-19 pandemic. Agrobank urges business to access their current business strategies and planning and discuss how to move forward with its bank officers.

Customers can call the bank’s customer contact centre at 1-300-88-2476 or visit the nearest branch to enquire more information on the assistance available.

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: Bank Pertanian Malaysia Berhad (Agrobank)

FOR MORE INFORMATION, PLEASE CONTACT:
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

Name: Rasheffa Rashid
Executive, Public Relations
Strategic Communications Department, Agrobank
Tel: 03-2731 1600 (ext 1650 / +019 272 9907
Email: rasheffa@agrobank.com.my

--BERNAMA