Page 66 - Bank-Muamalat_Annual-Report-2023

BANK MUAMALAT MALAYSIA BERHAD

RETAIL
BANKING

OUTLOOK & STRATEGY

In 2024, Bank Muamalat’s Retail Banking department is poised to drive growth and innovation across multiple
fronts, aligning with strategic priorities aimed at enhancing customer-centric solutions and market penetration.

The focus for property financing is on strengthening the SMART Mortgage brand and expanding residential property
financing by offering enhanced, one-stop mortgage solutions tailored to diverse customer segments. The strategy
emphasises a targeted approach to property segmentation based on state demographics and property types,
ensuring customised offerings that resonate with specific customer needs.

To augment market reach and credibility, the Bank will forge strong partnerships with reputable developers and
business collaborators, accelerating tie-up programmes to bolster sales and market presence. Additionally, a digitalised
platform will be established through an affiliate programme with real estate agents and developers’ sales personnel,
aiming to streamline financing applications and enhance customer experience. Exploring synergies with Google
further underscores the commitment to advancing digital capabilities and operational efficiency.
In personal financing, the Bank aims to expand market reach and refine pricing strategies to maximise growth and
profitability. Targeting affluent professionals and secured market segments such as government employees and
cooperative members, tailored financing solutions will be developed to meet specific customer needs. The Bank’s
aspiration to become a preferred financing partner for education and healthcare underscores its commitment to
addressing evolving customer demands and providing comprehensive financial solutions.

Meanwhile, the auto financing strategy will navigate industry challenges by expanding into the pre-owned,
reconditioned, and used car market. Service delivery will be streamlined through engagement with reputable dealers,
branch roadshows, joint sales events, and the establishment of the EON Digital Sales Channel. Thematic sales
campaigns will further drive customer engagement and growth in this sector.
Ar-Rahnu initiatives in 2024 will introduce innovative solutions, including a new product offering for Silver Bars and
the launch of Ar-Rahnu Panel Gold Shop collaborations. The establishment of Ar-Rahnu Service Centers will enhance
accessibility and convenience for customers, supported by digitalisation efforts like the Online Ar-Rahnu Application
(MG-i) for revaluation services.

Additionally, new credit card products aligned with the Group’s network needs, a focus on balance transfer
programmes, and strategic tie-ups with key industry players will strengthen the Bank’s credit card business.
Expansion of the merchant network and targeted marketing in lifestyle segments underscore the commitment to
delivering value-added services and enhancing customer engagement.
By consolidating efforts across these strategic fronts, Bank Muamalat’s Retail Banking department aims to fortify its
market position, drive sustained growth, and deliver exceptional value to customers and stakeholders in 2024.

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