Singapore fintech aims to offer better B2B lending terms

Singapore-based startup Cash-IN-Asia has launched its business-to-business (B2B) fintech lending platform. Its approach to provide a 100% digital experience allows business owners to obtain financing from their mobile device.

Cash-IN-Asia plans to serve micro, small and medium enterprises (MSMEs) in Singapore with products that not only address existing needs, but also assist these key members of Singapore’s economy to realise their business potential well after the crisis is over.

Its ISO27001-certified platform is powered by artificial intelligence (AI) and data analytics, and aims to provide a one-stop solution for transparent and flexible financing to MSMEs. By using AI and analytics in their credit decision and fraud detection engine, Cash-IN-Asia combines conventional risk assessment methods with alternative data and behavioural analysis for quicker and more accurate processing.

Two types of financing are offered: credit line and term loan. Amounts start at S$3,000 for a credit line to a maximum of S$150,000 for a term loan. Term loan tenures range from six months to three years, with no pre-payment penalties.

The platform requires a three-minute application, and promises an outcome in less than three hours. Successful applicants can request their approved funds to be disbursed in the next three hours. The time-to-cash process is one of the fastest amongst Singapore-based lenders today, the company said.

According to Cash-IN-Asia, studies* reveal that a significant percentage of small businesses in Singapore tend to be self-funded by business owners who may turn to their personal credit cards when difficulties arise. Credit card interest is high, and robs businesses of the opportunity to build their corporate credit history.

To offer a better alternative, Cash-IN-Asia prices financing rates lower than those of credit cards. The rates start at 20% for a credit line and 18% for a term loan. Cash-IN-Asia also structures its products to incentivise MSMEs to build a credit history that ultimately rewards good customers with cheaper financing over time.

Said founder and CEO, Eldwin Wong: “Our initial rate may be 20%, but the final rate they are charged eventually depends on them. If our clients perform well, confidence rises and trust is built. Our rates then come down, which is one of our unique value propositions for clients.”

Cash-IN-Asia also employs a “don’t use, don’t pay” model for its products. Sign up and application is free, and upon approval, clients are granted a credit facility with no fees or obligations. This is unlike other lenders that may impose a recurring facility fee.

The treatment of delinquent loans is another example of how the lender approaches things differently. The common practice with most traditional lenders is to declare these loans “in default” and resort to legal proceedings. Cash-IN-Asia prefers to work towards long-term “win-win” relationships instead. Troubled clients are given the opportunity to restructure their loans on acceptable terms that will help restore their businesses to health and service their loans.

Wong elaborates: “We believe in helping small business owners with their cashflow. That way, they get to focus more on their business and their chances of doing well increases. In turn, we will be able to scale up their loans and do more for them. One example of that is an automatic review of all client accounts every two months, to raise the credit limits of those in good standing for future growth.”

Cash-IN-Asia is the first B2B fintech lending company in Singapore to attain the ISO 27001 certification for information security. The certification allows it to meet diverse challenges of operating in the digital economy with high standards of business protocols and data integrity.

*Bain & Co, Fulfilling its Promise – The future of Southeast Asia’s digital financial services, 2019; and Deloitte Southeast Asia, Digital banking for small and medium-sized enterprises, 2015.

MAS relaxes regulations on finance companies to ease SME financing in Singapore

The Monetary Authority of Singapore (MAS) has announced regulatory changes to strengthen the resilience of finance companies and enhance their ability to provide financing to small and medium sized enterprises (SMEs).

Finance companies complement banks, providing what are often more personalised and customised solutions for smaller-sized businesses. MAS will relax some business restrictions that currently apply to finance companies.

The limit on a finance company’s aggregate uncollateralised business loans will be raised to up to 25% of its capital funds, from the current 10%. At the same time, the limit on uncollateralised business loans to a single borrower will also be raised to up to 0.5% of capital funds, from the current S$5,000. These changes will better enable finance companies to serve their SME customers, many of whom require unsecured credit for working capital, MAS said.

Finance companies will be allowed to offer current account and chequing services to their business customers  They will also be allowed to join electronic payment networks, including Inter-bank GIRO, Fast and Secure Transfers (FAST) and Electronic Funds Transfer at Point of Sale (EFTPOS). These changes will enable finance companies to provide more comprehensive credit and deposit services to SMEs.

MAS will retain other regulatory restrictions on finance companies, such as restrictions on foreign currency exposures and derivatives trading. MAS will also require finance companies to enhance their corporate governance and risk management. This will include stricter rules on related party transactions and limits on exposures to the property sector.

MAS will phase in the above regulatory changes starting from this year.

MAS will further liberalise its existing policy of not allowing a foreign takeover of a finance company. This will accord finance companies greater flexibility to explore strategic partnerships and innovative business models that can strengthen their SME financing business. Specifically, MAS is prepared to consider an application for a merger or acquisition if the prospective merger partner or acquirer commits to maintaining SME financing as a core business of the finance company. In addition, the merger partner or acquirer must be able to demonstrate expertise in SME financing and present proposals to enhance the finance company’s SME lending activities with new technologies, methodologies or business models.

Ong Chong Tee, Deputy MD, MAS, said: “The liberalisation of finance companies will facilitate their efforts to invest in new capabilities to enhance their core SME financing business. These changes are part of MAS’ ongoing efforts to ensure that our financial sector continues to be able to support enterprise development.”

There are three licensed finance companies in Singapore. In Q216, finance companies accounted for just under S$7 billion of outstanding SME loans.

UOB uncovers misconceptions financing galore in Singapore SMB world

Source: UOB infographic. Statistics gathered from the Financing for Startups and Small Businesses Survey.

According to the Financing for Startups and Small Businesses Survey* by United Overseas Bank (UOB), the majority of startups and small businesses in Singapore do not understand fully the range of alternative funding options available for their early expansion needs. They are also unclear about how to employ most effectively these options which include venture capital, venture debt, and debt and equity crowdfunding.

Mervyn Koh, MD and Country Head of Business Banking, Singapore, UOB, said that funding is a key factor for business expansion and it is important that startups and small businesses are able to differentiate between the funding options that are available to help them scale up their businesses in the early stages of growth.

“While established companies are able to access funding through conventional methods such as bank loans and working capital, startups typically are not able to raise the funds needed as easily. This is because they are still developing their concepts, products and services into viable business models, and as such may not have consistent cash flow to qualify for traditional loans,” said Koh.

The startups and small businesses surveyed said that they did not know where to turn to obtain advice on the range of funding options available (65%). They also felt that the eligibility criteria for these options were unclear (62%) which made it difficult for them to know if they are eligible. These are in contrast to the straightforward manner of receiving guidance by banks on traditional financing methods.

As a result of their unfamiliarity with financing options, startups and small businesses indicated a preference to rely on the tried and tested funding sources, such as raising their own working capital (43%), government grants (38%) and government-assisted schemes** (40%), for their business expansion.

The survey also found that the respondents were unfamiliar with the distinctive features of each of the alternative funding options. For example, on venture debt, respondents thought that investors needed to be involved in making business decisions (34%). In fact, it is not required for this option. As for debt crowdfunding, one in four small businesses said that there was no interest payable on the crowdsourced funds. This is a misconception as funds raised through debt crowdfunding do attract an interest on the funded amount. In addition, 23% of businesses polled believed that they would have to give up equity in their business for the crowdsourced debt. In reality, debt crowdfunding does not involve giving up equity.

“Additional funding is a lifeline for startups and small businesses that often face the challenge of tight cash flow. However, we find that most of the time, they need more education on what these options are and how they can be used for their business. To understand better the best financing option for their business, they should seek professional advice, either from government bodies, accelerators or other organisations in the funding ecosystem such as venture capital firms and financial institutions. With a clear understanding of the various funding options available, they could realise their growth potential more quickly ,” said Koh.

 To meet the funding needs of startups and businesses across all growth stages, UOB, which banks one in every two small businesses in Singapore, offers end-to-end solutions including equity crowdfunding and venture debt through OurCrowd and InnoVen Capital respectively. UOB also provides mentorship and guidance to startups and small businesses on their business model and the various funding options available through its innovation lab, The FinLab. The bank has also trained its commercial bankers to provide clients with the most up-to-date information on alternative funding channels beyond traditional financing.

In addition, UOB is creating a “how-to” guide that explains the type of funding options available for startups and small businesses and how these can be easily accessed.

Interested?

Look for the guide on the UOB Asian Enterpriseswebsite. It will be available in December

View the complete Financing for Startups and Small Businesses Survey infographic (PDF)

*The survey was conducted by UOB in October and November 2016 among 250 Singapore-based companies with an annual turnover of under S$30 million. The objective was to understand if startups and small businesses understood the range of financing options available to them. 

**This refers to schemes such as SPRING’s Local Enterprise Financing Scheme. 

World Economic Forum releases report on new sources of business financing

The World Economic Forum has completed a report on alternative sources of capital for companies.

Alternative Investments 2020: The Future of Capital for Entrepreneurs and SMEs examines the potential for these alternative sources to cause broader industry disruption in the future. 

 

Interested?

Download Alternative Investments 2020: The Future of Capital for Entrepreneurs and SMEs (PDF)

Bank Muscat's Terhal offers travel financing

Coinciding with the summer (Q2 to Q3) holidays and the upcoming Eid al Fitr, and in line with the bank’s vision Let’s do more, Bank Muscat, has launched Terhal, a suite of travel services with banking features and facilities. Oman’s first-of-its-kind product is in alignment with strategies aimed at providing a distinct banking experience aimed at customers interested in tourism and travel, the bank said.

Under Terhal, customers will be able to obtain finance of up to RO10,000, at a 3.5% interest rate, repayable over 12 months. Terhal customers will receive a Bank Muscat Oman Air credit card plus a superior travel insurance package. The insurance package will cover a lost passport, flight postponement or cancellation, emergency medical expenses and services, plus personal incidents and lost luggage. Customers are also eligible to earn Oman Air’s free Sindbad miles.

Abdullah Tamman Al Maashani, Deputy General Manager – Institutional Sales & Products Development at Bank Muscat said: “We aim to provide the best banking services and products to all customers while assisting them to draw up ideal financial plans.

"Terhal is designed to help its customers prepare themselves financially and avail special offers during their holidays. Bank Muscat continues adding value to its services and products, in line with a firm commitment to all its customers.”

Interested?

Read the Suroor Asia blog posts about Bank Muscat's Tadhamun initiative and about Oman's Eid al Fitr holiday dates

Car loan requirements eased in Singapore

The Monetary Authority of Singapore (MAS) has announced that the maximum loan-to-value (LTV) ratios and loan tenure allowed for motor vehicle loans will be eased, although restrictions will remain in place for the long term. 

The adjustments follow the sustained moderation in certificate of entitlement* (COE) premiums and in resulting inflationary pressures over the last three years.

Restrictions on motor vehicle loans by financial institutions were introduced in 2013 to moderate the demand for cars and COEs and alleviate inflationary pressures. The measures also served longer term purposes: to encourage financial prudence and to support efforts to promote a car-lite society.

Since then, the contribution of private road transport (excluding petrol) to CPI-all items inflation has eased from +1.3% points in 2011-2012 to -0.5% point in Q116. In addition, outstanding motor vehicle loans have declined by 32% from S$14.13 billion in Q113 to S$9.55 billion in Q116.

The allowable vehicle population growth rate remains capped at 0.25% per annum. However, COE quotas have expanded in recent quarters alongside an increase in de-registrations*.

Taking these developments into account, the rules on motor vehicle loans will be revised as follows**:

Open Market Value of motor vehicle	Maximum LTV^	Maximum loan tenure
Less than or equal to S$20,000	70% (previously 60%)	7 years (previously 5 years)
More than S$20,000	60% (previously 50%)

^LTV is the amount of the loan expressed as a percentage of the purchase price of the motor vehicle. The purchase price includes relevant taxes and price of the COE.

Ong Chong Tee, Deputy Managing Director, MAS, said, “In 2013, when we introduced the measures, our immediate aim was to help restrain escalating COE premiums and consequent inflationary pressures. Since then, demand conditions have moderated and it is timely to ease the measures. MAS will, however, continue to have the LTV and loan tenure framework in place for the long term to promote financial prudence and help support the promotion of a car-lite society.”

The Ministry of Trade and Industry will apply the revised financing restrictions to non-MAS regulated entities which extend motor vehicle financing on a hire-purchase basis. The Ministry of Law will also require licensed moneylenders to comply with the revised financing restrictions.

*A COE is required for every car to be registered in Singapore. A COE represents the right to use the vehicle for 10 years, after which vehicle owners may choose to de-register their vehicle or to revalidate their COEs for another five or 10 years. The total number of COEs available in the May-July 2016 period has risen by 9% and 21% respectively to 13,300 for Category A and 8,772 for Category B, up from 12,171 and 7,252 in the February-April 2016 period.

**The rules will apply to financing granted for the purchase of motor vehicles where the date on which the agreement to purchase a motor vehicle is on or after 27 May 2016, or where there is no agreement to purchase a motor vehicle, the date on which the borrower successfully obtains a COE is on or after 27 May 2016.

Malaysia Debt Ventures launches Bumiputera Technology Fund

Malaysia Debt Ventures (MDV), a wholly-owned subsidiary of the Minister of Finance Inc., in collaboration with Unit Peneraju Agenda Bumiputera (TERAJU), has launched the Bumiputera Technology Fund (BTF) for technology-based companies.

The development of the new BTF programme is a step forward in the collaboration between MDV and TERAJU, which has helped to create a pipeline of quality and sustainable bumiputera* entrepreneurs. MDV and TERAJU are continuing the momentum with the new fund, totalling RM100 million. Bumiputera technology-based companies that are listed under TERAJU’s SUPERB and Syarikat Bumiputera Berprestasi Tinggi (TERAS) programmes are eligible for BTF funding..

Nizam Mohamed Nadzri, MDV’s Senior Vice President of Corporate Services said, “The BTF is envisaged to ensure a more comprehensive financing ecosystem for bumiputera companies, in particular, technology-based companies. The fund also targets to fill in the funding gap that exists for startups under SUPERB, as a follow-on funding programme to the grants received from TERAJU.”

He further explained that the BTF is a progressive proposition for MDV from the perspective of MDV’s dual mandate to provide development financing and nurturing to technology SMEs in a sustainable manner, particularly as the fund will fund graduates of the SUPERB programme who may require nurturing to achieve their goals.

Apart from improving access to finance, particularly for startups in the technology sector, the shari'ah-compliant fund also serves to fulfill customer demand for more diverse Islamic facilities.

To be eligible for financing under the BTF programme, TERAS and SUPERB companies must be incorporated in Malaysia with a minimum paid-up capital of RM100,000 and possess viable projects that are within the technology space. Financing facilities offered will be from a minimum of RM500,000 to a maximum of RM5 million. All applications made for financing under the fund will be subject to assessment based on MDV’s credit risk criteria as well as risk assessment processes, which are geared towards financing technology companies and projects.

MDV was established by the government of Malaysia in 2002 to provide flexible, innovative credit financing to developing high-impact and technology-driven sectors of the economy, identified and prioritised by the government as future engines of growth. As one of the agencies in Malaysia solely focusing on technology-related sectors, MDV aims to be the leading technology financier in the country. Since its establishment more than a decade ago, MDV has financed numerous technology projects in various sectors as it strives to fulfil its mandate and developmental role in the technology industry.

*Also spelt 'bumiputra', the term typically refers to people of indigenous Malay ethnicity.

InnoVen invests in e-commerce startups in Malaysia, Thailand

United Overseas Bank (UOB) and Temasek joint venture InnoVen Capital (InnoVen) has signed two venture debt* financing agreements with e-commerce startups in Southeast Asia. The startups are among a list of 20 Southeast Asian, Indian and Chinese companies which InnoVen has identified for venture debt funding in the next six months, in sectors such as e-commerce, financial technology, logistics and big data.

In the first quarter this year, InnoVen signed financing deals with Malaysia-based KFit Holdings, an e-commerce health and fitness company that has raised funding from Sequoia Capital, and Thailand-based Pomelo Fashion, an e-commerce fashion company which is backed by Jungle Ventures. 

Both companies will be using the venture debt loans to develop their business in the region. InnoVen will provide loans totalling US$5 million to help KFit Holdings and Pomelo cater to the fitness habits and fashion trends of Asia’s growing affluent population, which is expected to account for two-thirds of the world’s middle class consumers or about 3.2 billion people by 2030**. 

Pomelo Fashion has been identified by InnoVen as having high growth potential. The company uses e-commerce to market and to sell its brand of apparel, accessories and footwear to the rising affluent in Southeast Asia. Casey Liang, Co-Founder of Pomelo Fashion said, “For a startup such as Pomelo, funding is often critical as we accelerate our growth, expand into new markets and invest in new capabilities. The venture debt from Innoven will help us accomplish these goals more efficiently. Innoven has been a great partner who understands our business dynamics and was able to tailor a financing structure that met our business needs.” 

Eric Tham, Managing Director and Head of Group Commercial Banking, UOB, said venture debt is important in nurturing Asia’s entrepreneurs and in encouraging innovation. “UOB was formed by enterprising minds and has been supporting the growth of SMEs for more than eight decades. We see the importance enterprise plays in economic growth and are committed to ensuring that the best startups have the necessary funding support to develop into world-class businesses. This in turn will help to drive the economies of Asia,” said Tham. 

Chin Chao, CEO of InnoVen, Southeast Asia, said: “The current momentum of InnoVen demonstrates the importance of venture debt as an alternative funding source to traditional equity financing by venture capitalists. As part of InnoVen’s investment mandate, the company is seeking companies with differentiated business models that have the potential to become leading global businesses.” 

InnoVen Capital had announced the start of its operations in Southeast Asia a few days before the venture debt announcement. Ajay Hattangdi, Group COO and CEO India said, “We continue to invest heavily in building our India business but also want to be able to support our clients and their investors across markets. Having one unified platform across the region helps us to work seamlessly with clients who are increasingly looking to expand beyond just one market and therefore have requirements for risk capital across geographies. We are seeking to leverage our experience of working with high-growth startups and close relationships with VC investors in creating a regional platform for InnoVen Capital.” 

UOB and Temasek have each committed up to US$100 million in paid-up capital to InnoVen, which was set up in 2015 to provide high-growth and innovative Asian startups with up to US$500 million in venture debt loans over the next five years. According to an EY report on venture debt***, the potential market size for venture debt in Singapore, China and India between 2015 and 2019 is US$2.2 billion. InnoVen Capital recently announced the completion of over 100 venture debt deals in India by disbursing over Rs275 crore across 27 transactions in 2015. It witnessed 100% growth over the previous year in terms of number of clients and loan volumes. This year, InnoVen Capital aims to provide fresh funding in excess of US$65 million.

Venture debt financing is part of UOB’s commitment to support the growth of Asian enterprises, from startups to listed companies. The bank offers end-to-end financing solutions such as equity crowdfunding, venture debt financing, term loans and capital market solutions. 

*Venture debt is a type of loan provided to venture capital-backed startups to help bridge their funding needs and finance their business growth. 

**Brookings Institution, The New Global Middle Class: A Cross-Over from West to East, March 2010 

***Building a venture debt business in India, China and Singapore, EY, 28 August 2014 

QIB signs up for Al-Dhameen SME funding programme

Source: QIB. Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank (QDB), and Bassel Gamal, Qatar Islamic Bank (QIB) Group Chief Executive Officer, signed the Al-Dhameen agreement. The ceremony was attended by QDB officials Khalid Abdulla Al Mana, Executive Director of Business Finance and Jawaher Al Noaimi, Al Dhameen Programme Manager. QIB was represented by Tarek Fawzi, General Manager, Wholesale Banking Group, Mazen Al Thalathini, Assistant General Manager-Corporate Banking, and Basem Shahrouri, Head of Business Banking Division. 

Qatar Development Bank (QDB) has signed a new Al-Dhameen Programme Portfolio Agreement with Qatar Islamic Bank (QIB) for small and medium enterprise (SME) financing in Qatar.

Al-Dhameen, which is sponsored by QDB, helps startups and existing companies with lack of collateral to obtain funds for growing their businesses. All main sector business activities are eligible for support under Al-Dhameen except the agriculture, fishing and livestock; non-oil mining and quarrying; wholesale and retail trade; financial and insurance, and real estate industries.

The programme does not provide direct finance to SMEs, instead offering the business owner access to the required finance from a partner bank in the form of guarantees in favour of the bank. Al-Dhameen guarantees 85% of the finance value not exceeding QR15 million). 

The Al-Dhameen programme was enhanced after feedback from partner banks and related parties, primarily to expand the base of beneficiaries, allow partner banks to determine which SMEs receive financing, and to fund them more flexibly. A record QR846 million in guarantees have been disbursed to over 348 SMEs since the beginning of the programme in 2010. 

The new QR100 million Al Dhameen portfolio aims to speed up approvals to guarantee the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees. QDB has prepared a special portfolio guide that describes the terms, conditions, and international standards, due diligence, credit monitoring, applications and guidelines development, to help QIB to take the necessary decisions without referring to QDB.

Abdulaziz Bin Nasser Al-Khalifa, CEO of QDB said: "The Al Dhameen programme primarily facilitates financing to some of the most important sectors of industry, such as education, healthcare, and value-added services. The programme targets mainly companies and startups. We are delighted with this partnership with QIB, which (reinforces the priority) that all banks operating in Qatar have to support and develop the SME sector, diversifying the private sector and building a knowledge-based economy.” 

Bassel Gamal, QIB Group Chief Executive Officer said: “This agreement underscores QIB’s commitment towards supporting the country’s economy, by enhancing the role of the private sector and contributing to a suitable economic diversification as part of the Qatar National Vision 2030. It enables our existing and potential customers to get what they need swiftly and seamlessly, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans.

“We are proud of our strong ties with QDB, and we are committed to further enhance the mutual cooperation to achieve the agreement’s objectives which will contribute significantly in speeding up the process to provide financing solutions for SMEs. Supporting the SME sector is one of our top priorities, and for that reason, we have a dedicated programme, Aamaly, designed to cater for all the financial needs of SMEs in Qatar.”

Commercial Bank and Doha Bank are also partner banks for Al-Dhameen, having signed agreements with QDB in July 2015.

Interested?

SMEs can enquire about applications at the nearest QIB branch.

More help for Malaysia's SMEs through Bank Muamalat

Bank Muamalat Malaysia (Bank Muamalat) signed an MOU with Perbadanan Usahawan Nasional (PUNB), Malaysia's national entrepreneur development corporation in early December under which PUNB will provide a financial guarantee to Bank Muamalat with respect to advances, credit facilities or financing provided by Bank Muamalat to established SMEs.

With the collaboration, Bank Muamalat will work together with PUNB to play an important role in the development of business community, especially for SMEs in Malaysia. The partnership with PUNB will allow the bank to add to the pool of credit available for SMEs in line with government aspirations. Bank Muamalat and PUNB also agreed to collaborate and participate in entrepreneur development activities such as joint training programmes, workshops, business matching and related activities for the benefit of SMEs. 

The bank has also enhanced its SME portfolio.

Kuwait Finance House launches Bunyani financing campaign for finishing works

Kuwait Finance House (KFH) has launched a new campaign themed Bunyani... from skeleton structure to delivery for finance owners of residential, investment and industrial plots of land. The campaign will assist them to have construction such as finishing works, maintenance and restoration done.

Deputy General Manager Commercial Services at KFH, Ahmad Al-Khaled, said that the campaign grants clients streamlined financing facilities that include up to KD70,000 financing, a 15-year credit period, and a 12-month maturity period for the first installment, and a marginal profit rate.

He added that Bunyani... from skeleton structure to delivery campaign comes as part of KFH’s efforts to underline its role in serving clients and meeting their needs. 

Al-Khaled explained that the campaign, that lasts until January 20 2015, caters for clients' requirements in installment financing to buy finishing works supplies such as air conditioning, aluminum, lifts, and interior design in cooperation with the construction materials companies in Kuwait. 

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.