KUALA LUMPUR (April 30): BIMB Holdings Bhd’s unit, Bank Islam Malaysia Bhd, is embarking on a five-year roadmap to deliver the promise of technology, redefine growth and work in new ways to address the unprecedented challenges as part of its business plan 2021.
In its Annual Report 2020, BIMB said by 2025, the bank aspires to be a champion in offering Shariah environmental, social and governance (Shariah-ESG) total financial solution with leadership in digital banking and social finance.
“The plan mobilises six strategic objectives premised on the bank’s role as value-based intermediary (VBI) namely sustainable prosperity, value-based culture, community empowerment, customer centricity, real economy and digitalisation,” it said.
BIMB said the objectives would be supported by key initiatives, directly focused efforts towards the end goal in 2025 such as to expand portfolio relating to real economy and green economy, implement integrated wealth management business model, accelerate digitalisation, promote social finance and enforce cost management initiatives.
It said against a strong backdrop of credit metrics with the recent reaffirmation of AA3/Stable/P1 by RAM Ratings, BIMB is proceeding with its proposed group restructuring exercise that would unlock significant value for shareholders as well as transferring its listing status to its subsidiary, Bank Islam.
“The exercise will see the bank becoming the only full-fledged Islamic financial institution listed in Malaysia, having greater access to tap the capital markets for an exciting future expansion,” it said.
Meanwhile, it said Syarikat Takaful Malaysia Keluarga Bhd (Takaful Malaysia) has been taking necessary and thoughtful steps to strengthen its business resilience and adjust its operating models in managing the business in a very different market and dynamic operating landscape.
Hence, it said Takaful Malaysia remained vigilant and cautious in managing operating costs, business growth and portfolio risk.
“As a pioneer and early adopter of online distribution and new digital technologies supporting our distribution channels, we can reduce some sales and operational challenges faced during the Covid-19 pandemic period.
“Our digital and technologic capabilities have enabled us to maintain uninterrupted business services to all our sales intermediaries, bank partners, and customers,” it said.
It added that in sustaining its market-leading position and to support business growth and customer-centricity, Takaful Malaysia would continue with its innovative strategies via the implementation of its digital strategy, online solutions and digital ecosystem, expansion of its distribution capabilities, strategic partnerships with leading Islamic banks and brand awareness initiatives.
