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Saturday, 2 March 2013

Malaysia: Exim Bank to beef up Islamic financing

KUALA LUMPUR: Export-Import Bank of Malaysia Bhd's (Exim Bank)Islamic financing contribution to total loans is targeted to increase to 30% within the next two years from 20% currently.

Managing director/chief executive officer Datuk Adissadikin Ali said the increase would be supported by higher loan disbursements, which was targeted to grow at least 30% annually until 2015.
“Last year, total loan disbursements surpassed 30% growth, year-on-year, to exceed RM3bil.
“In 2013, we are targeting RM5bil in loan disbursements, driven by demand from companies to expand business overseas amid slower domestic consumption,” he told reporters after the signing of an Islamic financing facility agreement between the bank and Dolphin Application Sdn Bhd yesterday.
Exim Bank chief business officer Md Harris Md Taib signed on behalf of the bank, while Dolphin Application was represented by managing director/chief executive officer Eric Low.
On the agreement, Adissadikin said Exim Bank would provide US$10mil (RM30.98mil) in Islamic financing facility to Dolphin Application to part finance the contract for the supply of an integrated automation system to palm oil millers in Indonesia.
Meanwhile, Low said the company was currently focusing on marketing its system to Indonesia and Malaysia, two of the world's major producers of crude palm oil and crude palm oil derivatives, after already exporting the system to 11 countries, including Thailand, Myanmar, India, Papua New Guinea and Latin America.
“The integrated solution developed by Dolphin Application provides palm oil millers with the productivity that will minimise the operation costs of the production,” he said. 
(The Star Online / 01 March 2013)

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