Page 54 - Bank-Muamalat-Annual-Report-2021

52 BANK MUAMALAT MALAYSIA BERHAD
ABOUT US OUR LEADERSHIP OUR STRATEGY OUR PERFORMANCE

OUR STRATEGIC

DIRECTION

For the year 2021, the prolonged pandemic environment resulted in delayed economic
recovery. Coupled with the temporary closure of non-essential businesses due to the
The Bank Movement Control Order (“MCO”) and the resulting delay in contract awards and delay in new
established projects implementation, especially due to disruption in global supply chain causing delays in
delivering of IT hardware and equipments, several targeted goals had to be reviewed.
the RISE24
The low interest rate environment following the cut in OPR led to tighter profit margins.
5-year strategic
This has exacerbated the sector’s competitiveness as banks competed for low cost deposits
business plan and higher financing yield.
in FY2020 and Progressing on RISE24 in FY2021
this continues In FY2021, following the revision of RISE24 due to COVID-19, efforts have subsequently been
to guide the made to enhance the implementation part of the plan as to ensure its success.

strategic The Bank’s response to the refined RISE24 includes a new governance structure which enables
direction the facilitation of information and decisions being executed more efficiently within individual
business units and governed through the Transformation Steering Committee (“TSC”) and
of the Bank. Transformation Management Office (“TMO”).

Among the plan for these two functions is to integrate efforts and initiatives towards the
anticipated aspirations as the Bank intends to break the ‘silo’ mindset and elevate a sense
of shared purpose. Initiatives will be made highly implementable with defined goals and
objectives, determined dependency and are aligned to capability and capacity of resources.

RISE24 Transformation Plan - Refinement of strategic initiatives towards transformational growth

Summary of Bank Muamalat's Strategic Business Plan 2020-2024 #RISE24

Talent Management Resetting Target Markets
Excellent talent management to Determine new business areas and expansion of
support business growth 7 1 coverage to wider customer segment

Continuous Process Disciplined Balance Sheet Management
Value-Based Principles
Improvement & Shariah Innovation • Optimise balance sheet expansion whilst
6 Risk and 2
Improvement of processes and products maximising return
for more competitive offerings Compliance • Intensive recovery plan to improve asset
Culture quality
Infrastructure 5 3 Digital Transformation
Enhance infrastructure to ensure efficient Journey towards establishing a digitalised bank
service delivery and deliverables 4

Data Monetisation
Optimise data analytics for income generation and
cost efficiency

RISE24 strategies were re-assessed and prioritised to focus on Accelerating Business Growth, Operational Excellence and
Process Improvement.