Bank Muamalat Malaysia Bhd will introduce new financial tools catering to small- and medium-scale enterprises (SMEs).
President and chief executive, Fazlur Rahman Ebrahim, said that financing for SMEs account for 26.5 per cent of the bank's total loans of RM2.4 billion. "The industry benchmark for SME financing is normally at 20 per cent," he added.
Bank Muamalat expects to double its revenue from insurance sales to RM2 million by the year-end as a result of its tie-up with Takaful Nasional Sdn Bhd.
The lender started selling 13 Takaful Nasional products at its branches and service centres in Peninsular Malaysia from 1 July, while those in Sabah and Sarawak will offer the products from August. Meanwhile, Takaful Nasional is targeting an increase of some RM10 million in premiums through the alliance, and expects to achieve 20-35 per cent growth in sales this year.
