17 June 2014

Malaysia SMEs get a new property financing option from Bank Muamalat

Islamic bank Bank Muamalat Malaysia has announced it will extend RM200 million in new financing to small and medium sized corporations by 2015 through Muamalat BizSTAR-I, a financial package designed to cater for either financing or refinancing of business premises and to support SME corporations to own business premises.

Y.Bhg. Dato’ Hj. Mohd Redza Shah Abdul Wahid, Chief Executive Officer of Bank Muamalat said, “As the economy becomes more sophisticated, so will the requirements of the SMEs. One of the major levers of growth for the SME sector is access to financing and financial institutions therefore have an important role in the ecosystem for financing to SMEs.

“Business premises financing products are amongst the most popular financing products for SMEs, having grown from RM87.1 billion in 2003 to RM217.2 billion in 2012.”

Bank Muamalat has a network of 59 branches (including six kiosks), in addition to its electronic channel, encompassing i-Muamalat, the Bank’s Internet banking solution, and e-Muamalat, available at almost 240 locations, referring to its network of ATMs, CDMs, and CDTs.