KUALA LUMPUR (Dec 21): Bank Muamalat Malaysia Bhd is in the midst of rebuilding its business plan, as the banking industry shifts towards digitalisation, and plans to spend up to RM200 million in capital expenditure next year to develop its digital business.

"We are rebuilding our business plan as the market conditions for the financial services [have] changed significantly in terms of regulations. We have finalised our business plan. We are looking at the timeline, and we plan to implement it over the new year," said Bank Muamalat CEO Datuk Mohd Redza Shah Abdul Wahid.

On whether the bank is aiming for a listing, Redza indicated the bank has no plans for that at present as it is able to stand on its own.

"Bank Muamalat can stand alone. In terms of capital equity structure, we have the necessary ratios as per the requirements," Redza said.

However, he added that Bank Muamalat's shareholders, DRB-Hicom Bhd and Khazanah Nasional Bhd, are open to any options that can add value to the bank.

He was speaking to the press after a signing ceremony in Menara Bumiputera today, when a memorandum of agreement was inked between Bank Muamalat and DRB-Hicom University (DHU) to jointly develop an executive leadership programme for the employees of Bank Muamalat.

The two-year programme will allow 20 Bank Muamalat staff to undertake masters and doctorate courses at the university, with more staff and options for short courses to be included in the future.

DHU is the education arm of DRB-Hicom, which holds a 70% stake in Bank Muamalat.

 

Calvin comments:

This hidden Jewel Bank of DRB Hicom has 63 Bank Maumalat Branches throughout East & West Malaysia.

The largest Bank Maumalat Braches are in Selangor with 11 Bank Maumalats

The smallest is in Perlis with only 1 single branch.

With the JV with POS for Islamic Pawn Shop Bank Maumalat will have 700 POS Office Outlets to lend monies just like RceCap (the legalised Ah Long in Malaysia listed.) And Bank Maumalat is also a "legalised islamic Ah Long".

See

http://www.muamalat.com.my/

http://postandparcel.info/48515/news/companies/pos-malaysia-sets-up-islamic-pawn-broking-business/