No time frame for Bank Muamalat stake sale: CEO

 

BANK Muamalat Malaysia Bhd says the sale of a 30 per cent strategic stake in the bank is likely to happen in the second half of this year.

Its chief executive officer Datuk Abdul Manap Abd Wahab, said, however, that he was not aware whether the bank had approached Kuwait Finance House (KFH) to negotiate a sale.

"That is the first I've heard of it. It's news to me," he said of a news report that controlling shareholder Bukhary Capital was selling 30 per cent of its 70 per cent interest in Bank Muamalat to KFH.

Abdul Manap said there was no time frame for the stake to be sold, and that the divestment was not limited to foreign parties as the bank was looking for just about any interested parties.

Bukhary Capital owns 70 per cent of the bank, with the rest held by Khazanah Nasional Bhd.

Abdul Manap was speaking to reporters in Kuala Lumpur yesterday after signing a payment settlement agreement with MBF Cards (Malaysia) Sdn Bhd.

Under this agreement, Bank Muamalat becomes the banker for payment settlement to some 20,000 of MBF Cards merchants.

Abdul Manap said the agreement is in line with the bank's strategy to expand into the electronic channel for fee-based wholesale transaction processing.

To facilitate the processing of these transactions, MBF Cards has appointed T-Melmax Sdn Bhd to enable the automation of the merchant payment process using its Max-MPS, or merchant payment system.

T-Melmax is a Multimedia Super Corridor-status company which develops technology solutions for various industries, especially financial services.

 
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