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Friday, 25 January 2008

AFB to roll out slew of banking products

KUALA LUMPUR: Asian Finance Bank (AFB) Bhd aims to promote Islamic Banking Solutions with the launch of its first two consumer financing products -- Home Financing-i and Personal Financing-i.
Chief executive officer Faisal Alshowaikh said in a statement, "We are confident that these two products will further promote Islamic Banking Solutions to residents and non-residents of Malaysia."
He said that AFB has already obtained approval for 33 products from Bank Negara Malaysia and would roll out all of them as it enters the second year of operations in Malaysia.
Under AFB Home Financing-i, there are two financing options -- fixed rate and hybrid fixed rate, as well as a variable profit rate that is capped at an agreed ceiling rate.
The package offers competitive profit rates that are calculated based on non-compounding basis, the bank said.
There is no locked in period or early termination fee attached in the package, aimed at customers who prefer flexibility on early settlements.
AFB anticipates Home-Financing-i to receive good response in targeted high growth areas such as Klang Valley, Johor and Penang.
Personal Financing-i package is aimed at customers in need of cash advances for personal consumption up to RM150,000, with minimum financing of RM12,500 and maximum tenure up to five years, it said.
No collateral or guarantor is required for this facility, it added.
AFB is also offering Foreign Currency Account-i as well as other deposit accounts such as Mudharabah Savings and Junior Savings to all customers.
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