Page 55 - Bank-Muamalat-Annual-Report-2021

ANNUAL REPORT 2021 53
SUSTAINABILITY STATEMENT OUR GOVERNANCE OUR NUMBERS OTHER INFORMATION

ACCELERATING BUSINESS GROWTH OPERATIONAL EXCELLENCE & PROCESS
IMPROVEMENT
This entails acquiring new customer segments, the rollout
of new and enhanced products and channels. Continuous This entails evolving into a more nimble and low cost business
enhancement and business expansion is ongoing for both model through technology and human capital transformation,
Retail and Business Banking. to improve efficiency, increase business opportunities and
deliver superior customer experience.
Expansion of Retail Banking
Business Process Re-engineering initiatives focused on
More information in Our Performance - Retail Banking, pages 55 to 61 consumer and business banking process improvements to

shorten service delivery turnaround time. This is accompanied
by a more intensified focus on Human Capital Transformation
Given the need to balance opportunities with strong asset
through structured programmes that ensure talents
quality, business expansion on this front is directed towards
are equipped with the right skills and receive upskilling
widening our scope in the Affordable Home Financing
programmes that enable them to perform effectively in their
Programme, while targeting better rated customer segments
roles and adopt future ready capabilities to enable digital
for Personal Financing. A special financing solution for the top
ready workforce.
20% income bracket (“T20”) has been introduced to anchor
the personal financing business with high quality assets.
On the Technology front, a 3-year IT Strategic Plan has been
The Bank is also focused on driving growth in Islamic wealth
established to fix current operational issues and embark
management products by leveraging on digital platforms and
on new innovative initiatives covering the areas of
tools to boost customer onboarding. Retail deposit growth
Digitalisation & Automation; Enhanced Regulatory &
is being driven by the launch of the Bank’s new SURIA
Cybersecurity Compliance; and Technology Enhancement.
investment product.
Our Journey Ahead
Growing Business Banking
The fast changing and volatile business environment as well
More information in Our Performance - Commercial,
Transaction, Corporate Banking; pages 62, 66, 68 respectively as significant evolution of digital acceptance, required Bank

Muamalat to recalibrate its RISE24 plan to stay relevant and
competitive in the industry. Thus, RISE24 has since been
On the Business Banking front, introduction of new products
revised and now enables the foundation for new strategic
and solutions make up the Bank's growth strategy. During
plan RISE26+ that reflects new emerging trends, threats and
the year, Commercial Property-i, Transferable Letter of Credit
opportunities for the Bank.
(“LC”) and Fast Track Bank Guarantee (“BG”) have been
added to our range of solutions to fulfill the needs of our
The development of the 5-Year Strategic Plan 2022-2026
non-retail customers. More opportunities in Supply Chain
(“RISE26+”) incorporates various factors and addresses the
Financing are being identified to expand the Bank's provision
trends and developments impacting the industry in the near
of financing across the business supply chain covering the
term. These include recent market developments in Malaysia’s
entire ecosystem of anchor companies.
government and regulatory policies that intensify focus on
Expansion strategy is also directed towards targeting high digitalisation and sustainability. New market intelligence on
impact sectors that have been highlighted to benefit under competitors’ analysis and increasing consumer demands are
the Malaysia Budget 2022. The Bank is also collaborating also taken into account, as are potential business opportunities
with Government's agencies e.g. TERAJU for financing emerging from market development and identified gaps.
programme for Bumiputera SMEs in the halal healthcare The Bank’s recent performance, offerings and capacity for
sector, as well as Malaysia Automotive Robotics and the expansion also form major considerations in the establishment
IoT Institute (“MARii”) for automotive vendor financing of upcoming goals and targets.
programme.