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Friday, 22 June 2007

Profile 001 - Bank Islam Malaysia Berhad - Malaysia

Bank Islam Malaysia Berhad, a name synonymous with Islamic banking in Malaysia, continues to lead the way and to assume the role of trendsetter for Islamic banking. Commencing operations as Malaysia’s first Islamic bank on 1 July 1983, its establishment was primarily to cater for the financial needs of Muslims in the country and to further extend its services to the whole population at large. 

Set up with an initial authorized capital of RM600 million and a paid-up capital of RM79.9 million, the bank has gradually increased its authorized and paid-up capital to RM2 billion and RM563 million respectively, to accommodate the growth of its assets and to better position itself in meeting future expansion and growth. Listed on the main board of the Kuala Lumpur Stock Exchange (KLSE) (now known as Bursa Malaysia Securities Berhad) on 17 January 1992, Bank Islam has developed itself as one of the most respectable financial institutions in the country. 

With a network of over 90 branches nationwide, the bank parades a comprehensive list of about 50 innovative and sophisticated Islamic banking products and services, comparable to those of their conventional counterparts. Bank Islam was directly involved in developing the Islamic financial sectors dealing in banking, takaful, stock broking, leasing, research and training and other related Islamic banking services. The synergistic collaboration between Bank Islam and its subsidiaries dealing with these services have complemented the overall growth of the Islamic financial system in Malaysia. 

The role of Bank Islam is to realize Malaysia’s dream of setting up and developing an Islamic financial system that is modern and competitive, as well as being a viable alternative to the more established conventional system. The introduction to the Islamic banking, one of the very important components in the Islamic financial system, is a step to realize the country’s aspiration. 

Bank Islam’s success story is by and large a significant victory for Islamic financial system as a whole. This has put Bank Islam in the center of attention in the banking sector and is well on its way to turn Malaysia into the international capital of Islamic banking.

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