Page 58 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

RETAIL
BANKING

PERFORMANCE REVIEW

Property Financing

Ranked No. 1 among The Bank’s property financing recorded robust growth and industry recognition
financial institutions for amidst FY2023’s recovering property market.
SMART Mortgage SJKP in 2023.
Malaysia’s property sector recorded a 9.9% increase in transactions in 2023,
Won the “Anugerah Prestasi
amounting to over 399,000 transactions valued at RM196.83 billion. The positive
Terbaik 2022-2023” for SJKP
trend stemmed from support provided by the national budget, which provided
affirming its industry leadership
continuous injections and initiatives for the development of the sector. These
and excellence efforts include a full stamp duty exemption on ownership transfer documents for
first-home purchases up to RM500,000 effective until December 2025, as well
FY2023 Financing Assets: as more flexibility given to application requirements for the Malaysia My Second
RM9.77 Home programme. The market also continued to be supported by previous
government policy measures, which included exemptions of real property gains
billion tax and stamp duty, and initiatives comprising the Skim Rumah Pertamaku (SRP)
and Skim Jaminan Kredit Perumahan (SJKP).
(24.8% YoY)
The engagement of “SMART Mortgage” as the flagship brand underscored the
Financing Income: Bank’s commitment to excellence and customer-centricity in mortgage products.
In strategic alignment with market demands, the Bank provided a comprehensive
RM406.98 package and one-stop mortgage packages such as SMART Mortgage SJKP
million and SMART Mortgage SJKP-Madani which provided financing accessibility for
properties priced between RM100,000 and RM500,000. This segment accounted
(45.1% YoY) for 6,601 applications or 65% of the Bank’s total number of approved property
financing for the residential segment. Furthering its Value Based Initiative (VBI)
Total Disbursements: commitment, RM5.01 million of financing was approved for residential properties
developed on Waqf land, notably from Wakaf Seetee Aishah 2 project in Seberang
RM2.34 Jaya, to uplift underserved communities and contribute sustainable societal value.

billion The Bank also introduced innovative mortgage packages such as the Step-up
(18.2% YoY) Package in collaboration with prominent developers, solicitors, and real estate
agents. Together with more efficient and agile service delivery, these initiatives
reflected timely responsiveness to evolving market dynamics and customer needs.
Net Impairment:
1.18% As a result, total outstanding property financing for FY2023 reached RM9.77
billion, indicating a commendable 98.5% growth over the past five years.
(FY2022: 0.90%)
A notable milestone was also achieved as property financing income of RM406.98
million surpassed the RM400 million benchmark.

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