Non chex systems bank and Rants

Effective Jan 15, the counter services of Lembaga Tabung Haji (TH) at the TH Mini Lebuh Light,Penang,will become a uniteller counter of Bank Islam Malaysia Bhd.

The termination and transfer of the service to Bank Islam is one of the steps taken by TH to enhance its strategic relations with the bank, TH said in a statement today.

It added that this step was also taken to avoid the presence of two different entities operating on the same premises and offering a similar service.

In this regard, all primary services of TH such as savings, withdrawals, the opening of new accounts and registration for the Hajj, can be undertaken at the uniteller counter of Bank Islam Lebuh Light.

– BERNAMA

Bank Islam Malaysia Bhd aims to increase its personal financing portfolio to RM2 billion for the financial year ending June 30, 2010, from RM1.5 billion previously.

Its consumer banking division general manager Khairul Kamarudin said the bank will execute an aggressive and effective marketing campaign to attract customers.

“With competitive features, people will take notice of our financing product,the Personal Financing-I. It also offers among the lowest rate in the market,” he told reporters after the prize giving ceremony for the bank’s “ExtraBagAnza campaign, here on Monday.

Khairul said more than RM30 million in loans had been disbursed until Nov 30 with the campaign having began on Sept 1.

He said customers wanting to participate, need to apply for a minimum financing of RM30,000, from now until June 30, 2010.

“We are offering a low rate of 3.25 per cent per annum with a longer financing period of up to 15 years.There is no need for a guarantor and neither are there hidden charges,” he explained.

At present, Bank Islam has a network of 93 branches and 656 self-service terminals nationwide. It offers more than 50 shariah-based banking products.

Bank Islam Malaysia Bhd has target an initial fund size of RM100 million from its newly launched Ziyad NID-i, an investment product, structured on the recovery of Asia’s equity market.

Bank Islam general manager for its consumer banking division, Khairul Kamarudin said, Ziyad NID-i is a five-year investment product in the form of Islamic negotiable instruments with a 100 percent capital protection upon maturity.

“Ziyad NID-i investors should receive a minimum profit of 7.35 per cent over the whole investment period or approximately 1.47 per cent per annum if held to maturity,” Khairul said during the launch of Ziyad NID-i Monday.

He said Ziyad NID-i is linked to a basket of stocks deemed to benefit from the massive stimulus plans undertaken by various Asian governments.

“The stocks in the basket are China Mobile Ltd (China), CNOOC Ltd (China), Panasonic Corp (Japan), Canon Inc (Japan), BHP Billiton (Australia) and KDDI Corp (Japan),” he said.

In addition, he said, these stocks will be monitored closely throughout the investment period to ensure no infringement of Shariah rules and principles.

The minimum investment amount for Ziyad NID-i is RM65,000 and subsequent investments are in multiples of RM5,000.

The product will be available at all Bank Islam branches throughout the country, starting Monday.

– BERNAMA