 |
|
| |
BIMB banks on takaful and Islamic leasing |
| |
Group managing director Datuk Noorazman A. Aziz said the group planned to strike a balance between the performance of Islamic banking arm Bank Islam Malaysia Bhd as well as that of takaful arm Syarikat Takaful Malaysia Bhd and BIMB Securities Sdn Bhd.
“Given the current strong growth for our takaful division (20% a year) and the soon-to-be introduced Islamic leasing and their growth potential, we are confident of achieving this target,” he said after BIMB’s EGM yesterday. |
| |
 |
| |
Datuk Noorazman A. Aziz |
Bank Islam is currently the group’s mainstay, contributing 85% of the group’s total revenue, with Syarikat Takaful and BIMB Securities accounting for the balance.
Noorazman said the rationalisation of BIMB Securities would pave the way for the introduction of more Islamic finance activities, such as investment banking and fund management, and would help transform the stockbroking arm into a more significant division for the group.
“BIMB Securities will boast activities like the distribution of debt capital market issues, equity issues and corporate advisory services,” he added. |
|
| |
On its 66%-owned Indonesian takaful outfit, he said the group had overcome the snags in the operations and was making a strong comeback this year.
“Our takaful operations in Indonesia will account for 20% to 25% of the group’s total takaful revenue in the financial year ending June 30, 2007,” he said. The group achieved RM60.75mil in offshore revenue in the last financial year.
BIMB is currently the largest takaful operator in Indonesia with 25 branches.
At the EGM, shareholders endorsed the proposal to renew the authority given to the directors to issue and allot the shares to be issued for two corporate exercises.
The exercises include the rights issue of 309.98 million shares and the acquisition of the remaining 49% of BIMB Securities Sdn Bhd from Permodalan Nasional Bhd for RM54.45mil.
Norazman said the exercises were due for completion in Apr |
| |
 |
Back to main |
|
