KUALA LUMPUR, Feb 17 ― Bank Islam Malaysia Bhd is targeting a seven per cent increase in financing amount for the next 12 months through a partnership with three professional associations.

The bank today inked two memoranda of understanding (MoUs) and a strategic collaboration agreement with the three associations ― the Malaysian Institute of Architects, Malaysian Society for Occupational Safety and Health, and Malaysian Institute of Accountants ― to provide a complete suite of shariah-compliant financial solutions to their members.

Previously, in September 2021, Bank Islam signed MoUs with several healthcare professional associations.

Group chief executive officer Mohd Muazzam Mohamed said the bank attracted 8,873 health professional customers following these MoUs, involving about RM796 million of personal financing as of December 2021.

He said the bank aims to expand its offerings for other professional segments, giving them a more personalised banking solution.

"We aim to provide the necessary support for 44,500 registered members across these associations through greater access to our financial solutions through this collaboration.

"The collaboration is another form of support by the bank towards the country’s economic recovery. This measure is more important today with the spread of Covid-19 that has been adversely impacting the lives of individuals and businesses,” he said in his opening speech at the strategic collaboration and MoUs signing ceremony today.

He said the facilities made available include the bank’s Personal Financing-i, which offers a maximum of RM300,000 financing for up to 10 years at a competitive rate, deposit products and wealth and cash management.

Bank Islam also offers small and medium enterprises (SME) banking products to facilitate the members to launch businesses related to their professions, such as accounting services, consulting firms and construction-related companies.

"The special offer by the bank will indirectly contribute to higher membership registrations for the three associations, besides enabling them to broaden their membership incentives and benefits,” Mohd Muazzam said. ― Bernama