Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/muamt/Article/
Published: October 25, 2012
The bank's deputy chief executive officer, Musa Abdul Malek, said the target amount is expected to be achieved between the next 12 and 18 months.
The scheme is open to all government and armed forces pensioners, wives of army personnel and and Federal Land Consolidation and Rehabilitation Authority (Felcra) settlers.
At the launch yesterday, Musa said Bank Muamalat is offering the scheme at a profit rate of 3.6 per cent a year compared with 5.25 per cent for previous loans offered to government staff and army personnel.
The scheme is aimed at providing capital for new businesses, increasing capital or to expand business and the fund would be obtained from the RM200 million "Micro Enterprise Fund" provided by Bank Negara Malaysia.
Musa said 10 financial institutions are participating in the fund and Bank Muamalat is one of them.
On the progress of talks between Affin Bank and BMMB's owners on a possible stake acquisition, Musa said: "This should be asked to our shareholders (DRB-HICOM Bhd and Khazanah Nasional Bhd). As far as I know, the talks are to be completed by year-end," he said.
He said DRB-HICOM, which bought the controlling stake in Bank Muamalat in 2008, has been mandated to reduce its holding to 40 per cent.
Currently, DRB-HICOM holds 70 per cent of Bank Muamalat, while Khazanah holds the remainder 30 per cent.
"We at the management are unsure of what kind of structure the parties involved are negotiating," said Musa.
The green light from Bank Negara Malaysia to begin negotiations between Affin and the owners of Bank Muamalat was obtained in mid-August.
If the outcome is positive, the combined entity of Affin and Bank Muamalat would make Affin the country's fourth largest Islamic bank by assets, from ninth currently.
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