Page 61 - Bank-Muamalat-AR2020

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Our Performance Sustainability Statement Our Governance Our Numbers Other Information
Governance

Bank Muamalat worked
to prevent brand
attrition by focusing on
the distinct and strong
proposition of value-
based banking and
introduced a number
of new products and
campaigns which
helped grow Current
and Savings Accounts
(“CASA”) during the
year, with further growth
expected in 2021.

DEPOSIT & PAYMENT the trying period. On the Government front, budget allocations focused on reviving
SERVICES the economy and assisting Malaysians in facing the pandemic, as well as ensuring
the well-being of the people and the sustainability of the businesses and nation’s
economy, led to an increase in Government expenditure. This affected the growth
of our deposits as the Government is a major contributor to the development of
FOR FY2020, THE deposits at Bank Muamalat. With the implementation of the MCO and establishment
BANK’S DEPOSIT & of new business norms, the Bank’s deposit business was further impacted due to
PAYMENT SERVICES restrictions in customers visiting our branches.
RECORDED
RM In order to surmount these challenges and compete with competitor banks that
21.4 BILLION could allocate a large budget towards their marketing campaigns, the Bank’s
IN TOTAL Deposit & Payment Services implemented a new strategy to penetrate State
DEPOSITS Governments as well as its agencies, GLCs, the SME sector and corporate entities
via creative product bundling to grow the deposit base.

It was a year of unpredicted deposit Bank Muamalat worked to prevent brand attrition by focusing on the distinct
performance. With BNM’s marked and strong proposition of value-based banking and introduced a number of
reduction in the Overnight Policy Rate new products and campaigns which helped grow Current and Savings Accounts
(“OPR”), the Banks’ deposit position (“CASA”) during the year, with further growth expected in 2021.
as well as demand from market were These included the launch of ‘Save & Win More Kaw Kaw’ campaign in August
affected as retail customers switched 2020 to encourage customers to save and stand a chance to win the grand prize
to other investment instruments to of RM1 million in cash and over 900 attractive prizes. Another programme called
maximise their profit and income. Muamalat Enrich was launched in October 2020 to attract the retiree segment in
Corporate clients trended towards Malaysia to cultivate the habit of saving for life after retirement, while enjoying the
spending their revenue rather than chance to win rewards offered in “Save & Win More Kaw Kaw” campaign. Hence,
saving their profits to ensure the despite a year of unprecedented challenges and uncertainty, the Bank’s deposit
sustainability of their business during