Page 59 - Bank-Muamalat_Annual-Report-2023

ANNUAL REPORT 2023
OUR BUSINESS PERFORMANCE

Personal Financing

There was a significant increase in the Bank’s personal financing business,
FY2023 Financing Assets:
marked by a stream of innovative product launches and strategic initiatives to
RM8.12 expand market share, while adhering to prudent credit assessment.
billion The salary deduction at source programme offers the Bank’s signature Personal

(18.3% YoY) Financing-i to a stable base of employees from government agencies statutory
bodies, government-linked companies, and selected private companies.
The expansion of the Bank’s Employer Empanelment Programme (EEP),
Financing Income:
which now has 234 organisation/companies with 423 subsidiary companies on
RM489.67 board, largely contributed to market share expansion and personal financing
growth. A significant highlight was the establishment of Angkasa/AG Salary
million Deduction in August 2023 for Angkatan Koperasi Kebangsaan Malaysia Berhad,
(25.1% YoY) which has led to 1,415 applications worth RM167.1 million and disbursement worth
RM85.2 million for FY2023. As at the end of 2023, personal financing assets grew
steadfastly from RM6.86 billion to RM8.12 billion.
Total Disbursements:
RM3.23 While supporting financial inclusion and sustainability, the Bank is also seeking
better credit quality by attracting the T20 & M40 segments, including professionals
billion and young graduates, as well as non-Bumis. To heighten brand visibility and
engagement, more education enhancement programmes and collaborations were
(18.9% YoY)
executed across all regions through sales events, webinars, and CSR activities.
Net Impairment: Additionally, the personal financing department closely engage with the
0.85% organisations within its network to gain comprehensive insights into their unique
financial needs. This helps the Bank create enhanced product features tailored to
(FY2022: 0.93%) specific needs towards penetrating new market segments. Six customised products
were launched throughout the year, to heighten the Bank’s profile as a preferred
choice in other targeted segments, including affluent and high-end customers.

Cash-i Muamalat First (M1) Programme, Cash-i Muamalat for Public Listed Companies (PLC),
launched on 1 January launched on 31 March
Caters to employees under the Al-Bukhary Group, including This provides financing for personal use by employees of PLCs
DRB-HICOM, Tradewinds, MMC, and subsidiaries, offering listed on the Main Market of Bursa Malaysia.
financing for personal use with the convenience of salary
crediting into Bank Muamalat accounts, along with benefits Cash-i Muamalat for Education Programme,
from the Bank’s other products and services. launched on 17 April
A plan to facilitate progressive funding for university fees and
Cash-i Muamalat Eco Green Financing,
introduced on 9 March charges for Malaysian students of selected local universities,
including parents.
Targeting individual residential owners of landed properties,
Cash-i Muamalat MuSS Plus,
this financing programme offers professional advice and
launched on 5 December
services from Malakoff upon the purchase of a modular
combination of solar photo-voltaic (PV) system, battery energy A plan to facilitate progressive funding. This provides financing
storage system, and EV charger. for personal use by employees of companies enrolled in the
Muamalat Salary Scheme (MuSS), with the added convenience
Cash-i Muamalat for Kelas Al-Quran & Fardu Ain (KAFA) of salary crediting into Bank Muamalat accounts.
& Religious Educators, launched on 31 March
Meets the needs of teachers and administrators of KAFA under
JAKIM, Majlis Agama Negeri, and private Islamic schools.

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