Page 50 - Bank-Muamalat-AR2020

48 BANK MUAMALAT MALAYSIA BERHAD About Us Our Leadership Our Strategy
About Us
ANNUAL REPORT FY2020

OUR STRATEGIC
DIRECTION

FY2020 marks the first year of the Bank’s 5-year strategic Adapting to the New Normal
business plan, RISE24. However, the COVID-19 pandemic
brought about unprecedented challenges that somewhat • There was an urgent need to gear up to navigate the new
derailed our strategic priorities. As a champion of Value- normal of social distancing, new ways of doing business
Based Intermediation (“VBI”), Bank Muamalat’s responsibility and catalyse the use of technology to overcome physical
towards sustaining communities was also brought to the limitations. Initiatives launched during FY2020 included:
fore during the year. As a result, after the first three (3)
months of implementation, the Bank’s ongoing RISE24 was i. Innovating new ways of doing business by increasing
re-evaluated and revised. digital solution offerings; intensifying promotion and
sales activities through social media and tele-sales;
The 24 strategies under the seven (7) Strategic Focus Areas encouraging online interaction with customers; and
(“SFAs”) have been re-assessed and prioritised to better conducting transactions by appointment for Ar-Rahnu
deal with the market turbulence caused by the pandemic. business.
Strategies that have been prioritised include expansion into
better-rated customer segments; increasing contribution of ii. Introducing work from home (“WFH”) measures to
non-funded income; automating internal process; and reduce risk of infection among our staff. To this end,
increasing collaboration and partnership for digitalisation. employees were divided into different teams to ensure
Meanwhile, a few strategies have been put on hold, including business continuity, while ensuring recommended
establishment of sales centre and dedicated sales hubs. This safe social distancing limits were maintained at the
is because in the new normal, physical visits to branches are workplace.
restricted and online transactions are paving the way ahead.
iii. Introducing web and mobile supported e-Training and
By April 2020, the Bank completed refinements to the e-Learning which are accessible to our staff everywhere
strategies set in RISE24 to create a revised plan for FY2020 and anytime. This ensures staff are continuously kept
focused on surviving pandemic conditions, adapting to a new informed and updated with latest industry knowledge
business normal, and staying competitive. and practices.

Surviving Pandemic Challenges Staying Competitive

• Priority is placed on defending the quality of financing • Launching an offensive action plan to secure a competitive
assets, intensifying the recovery plan and optimising advantage. This encompasses cost advantage, differentiation
liquidity in capital management. Initiatives launched advantage and resource advantage. Initiatives launched
during FY2020 included: during FY2020 included:

i. Revising the Bank’s preferred and non-preferred i. Introducing engaging digital-based platforms that
sectors list according to the current market situation benefit customers. These include:
to reduce risk of financing default in badly impacted a) Muamalat Application Platform (“MAP”), an
sectors whilst increasing financing exposure in high online financing application that expedites banking
potential sectors. transactions and enhances customer experience by
eliminating multiple visits to branch.
ii. Embarking on an aggressive recovery plan through
proactive rescheduling and restructuring of accounts, in b) Ar-Rahnu Online Auction, a platform for public
addition to close monitoring of customers in COVID-19 bidders to bid for unredeemed gold items.
affected sectors. c) e-Jamin, a digital bail payment solution that provides
bailors the convenience of expedient and efficient
iii. Improving funding strategy to mitigate liquidity risk. payment to ensure the quick release of those in
This was done by intensifying deposit taking activities remand.
by offering competitive rates, attractive campaigns, and d) AWARIS Online Will Writing Platform, a
the increased use of digital solutions such as DuitNow, comprehensive digital planning solution that keeps
internet banking and QR Pay for deposit sourcing.
financial, wealth and legacy records on one platform
and practices.