Wealth & finance International - Finance Awards 2016

Finance Awards 2016 10 Islamic Bank of the Year 2016 - Malaysia & Recognised Leader in Shari’ah Trade Finance Established in 1983, Bank Islam is the first Shariah-based banking institution in Malaysia and South East Asia, and has been fundamental in the development of the nation’s Islamic banking industry. It is predominantly a retail bank, with more than 70% of its financing driven by consumer banking. Bank Islam currently offers a comprehensive range of Shariah compliant banking and financial solutions with over 70 innovative and sophisticated Islamic banking products and services offered to its customer base of over five million. Dato’ Sri Zukri Samat, Managing Director, told us more Company: Bank Islam Malaysia Berhad Name: Dato’ Sri Zukri Samat, Managing Director Web Address: www.bankislam.com.my Address: Executive Suite, Menara Bank Islam, 22 Jalan Perak, 50450 Kuala Lumpur, Malaysia Bank Islam’s list of products ranges from traditional financing, savings and investment solutions exclusively for individual customers, to banking and financial solutions designed to fulfil the fast-changing financial needs of customers from all categories, including those related to micro financing, wealth management, capital market, treasury and structured products. As Dato’ Sri Zukri Samat explains, the firm’s vision is to be a global leader in Islamic banking; they define being global leaders as being able to provide ultimate guidance to their clients and to be a source of reference for innovative Shariah-based products and services. To realise this vision, Bank Islam focuses strongly on innovation. “We are proud to say that our innovative product offerings have been one of our main contributions to the industry. For example, we were the first to innovate and market new Islamic offerings, such as the award winning Transaction-at-Palm Mobile Banking-i (TAP-i), and the first to launch University Debit Card (UniDebit), a multipurpose debit card that not only serves as a debit card, but also provides university and library access, and university identification functionalities. “Bank Islam has also provided technical assistance in the setting up of several Islamic institutions in the Asian region, such as Indonesia, Thailand and Sri Lanka. We have received delegation from various central banks such as those from Nigeria and Oman, and banking representatives from other countries as Saudi Arabia, requesting to learn from us. We took the opportunity to share our practical knowledge and experience, and assisted them in setting up Islamic banks and forming the respective framework.” However, as Bank Islam is primarily a retail bank, servicing their customers well is the cornerstone of their strategic plan. Dato’ Sri Zukri Samat notes that Bank Islam is resolute in its commitment to providing an outstanding banking experience by enhancing their competencies and process efficiencies. “Many strides have been made in the Bank’s journey towards greater service excellence. This includes reaching out to customers too. The Bank’s network, already the widest dedicated Islamic banking network in Malaysia, has 145 branches and over 1,100 self-service terminals across the country. “We constantly try to improve our customer service from within; monitoring customer satisfaction and convenience is essential in order to maintain high standards of customer care. One example that demonstrates our commitment to improving customer convenience is our Visa cash out service, our recent collaboration with PETRONAS, where Bank Islam Visa Debit Card-i holders can now withdraw cash with zero fees at PETRONAS petrol station counters in several states in Malaysia (with a minimum retail purchase for either fuel or items from its convenience stores). The objective of this project is to expand the accessibility for cash withdrawals, and as an additional service offered to customers for their convenience, especially in rural areas.” Bank Islam has made significant improvements, such as the above, since making a turnaround in 2007. More recently, despite facing uncertain economic growth, tighter margins and intense competition, Bank Islam’s financial performance has shown resilience; the Bank reported a profit after tax of RM262.2 million or approximately £47million for the half year ending on June 30th 2016, representing an increase of 5.9% compared with the corresponding period in 2015. “My firm acknowledges the growing importance of responsible, inclusive and sustainable finance, and the requirements necessary to sustain a value-based financial system. Elevating the livelihood and wellbeing of those in the Bank’s workforce, as well as the communities in the areas FI160032