Page 28 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

CHAIRMAN’S
STATEMENT

PIONEERING NEW POSSIBILITIES CONTRIBUTING TO
B40 customers have SOCIO-ECONOMIC PROSPERITY
Our performance in FY2023 was
accentuated by significant strides in benefitted from our Together with digital transformation,
digital transformation and innovative Bank Muamalat continues to uphold
partnership with SJKP
product offerings. The notable highlight our standing as a contributor to natural
was the launch of Malaysia’s first VISA and SRP with a total growth and a leader in social finance.
B2B platform to facilitate seamless Living up to our commitment of
of RM1.06 billion in
bank-to-bank cross-border transactions. “Better Lives, Together”, the Bank
house financing being
This integration of Visa B2B Connect mindfully ensures that actions today
into the Bank Muamalat Business approved. pave the way for a more prosperous
Platform (iBiz) revolutionises cross- and resilient future for all. Our
border business payment, offering proactive initiatives, partnerships,
ministries, agencies, companies and businesses an and innovative financing solutions drive our dedication to
unprecedented opportunity for global expansion and success. driving positive change and fostering inclusive economic
It exemplifies the impact Islamic banks can make in leading prosperity.
industry innovation.
Supporting the vital role that small and medium-sized
With this move, Bank Muamalat joins an esteemed enterprises (SMEs) play in driving economic growth, Bank
group of financial institutions across 109 countries Muamalat has forged strategic partnerships with government
worldwide, demonstrating its commitment to support the agencies and private sector organisations to facilitate
government's endeavours to stimulate economic growth, greater access to capital for SMEs through government
foster international trade, and promote financial inclusion guaranteed schemes, empowering them to grow and
within the country. contribute to the national economy.

B40 customers were empowered through collaborative
IMPROVING DIGITAL CAPABILITIES
financing schemes, facilitating home ownership and
In pioneering new milestones in Islamic finance services, entrepreneurship. Partnerships with Skim Jaminan Kredit
the Bank has also made concerted efforts towards improved Perumahan (SJKP) and Skim Rumah Pertamaku (SRP)
service delivery and efficiency, as well as expanded customer resulted in RM1.06 billion in house financing approvals, while
digital touch points. These include back-office processes initiatives like iTEKAD Mawaddah and iPUSH expanded
through Robotic Process Automation; enabled digital support to budding entrepreneurs, reflecting our dedication
account opening and customer onboarding; expanded to inclusive growth. Under the iPUSH programme,
wealth management and takaful offerings to digital channels; RM14 million funds were raised. For iTEKAD Mawaddah,
and refreshed our Retail Internet Banking and Mobile 11 new entrepreneurs were onboarded with RM32,044
Banking digital platforms for improved user experience. working capital and over RM62,000 of seed capital provided.

In tandem with improved service delivery, cybersecurity Our commitment to sustainability was further demonstrated
measures were launched to ensure a secure and seamless through our Special Electric Vehicle campaign and other
banking experience, alongside a more robust Enterprise Risk Value-Based Intermediation (VBI) financing initiatives.
Management. As of the year under review, VBI financing accounted for
RM14.79 billion, translating to 52.2% of our total financing
The progress made on these fronts fuel Bank Muamalat’s outstanding. This financing supports projects that align with
plan to introduce its own Digital Bank in the near future. our sustainability goals, including education, environmental
The Digital Bank will leverage on the new Digital preservation, and healthcare. By prioritising these sectors,
Core Banking and Digital Front End to offer Straight we are able to drive positive social and environmental
Through Processing (STP), comprehensive marketplace, outcomes alongside economic growth.
and AI-driven recommendations that can assist customers in
making well-informed financial decisions.

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