Tuesday, March 19, 2013

Agrobank to fully implement Islamic banking by 2015

BACHOK (March 17, 2013): Agrobank plans to fully implement Islamic banking by 2015 as part of its transformation programme, with all its existing financing products and deposits to be changed to syariah-compliant products.

Source from (The Sun Daily): http://www.thesundaily.my/news/638722
Published: March 19, 2013

"This will contribute to the growth of domestic Islamic banking and at the same time encourage ethical banking practices," president and CEO Wan Mohd Fadzmi Wan Othman said at the presentation of the bank's zakat contribution of RM30,000 by Deputy Finance Minister Datuk Dr Awang Adek Hussin here today to 300 eligible recipients in the district including orphans.

Wan Mohd Fadzmi said despite the challenges, Agrobank is committed to further expanding the Islamic finance system to one that is more dynamic, responsive and sustainable.

Agrobank has 186 branches nationwide, with eight opened last year including in Felda Tenggaroh 2, Bukit Gambir, Pagoh and Ranau as well as at the Ipoh, Kuala Lumpur and Kelantan Urban Transformation Centres.

The Bachok branch serves 43,000 depositors with total deposits of some RM26 million with a staff strength of 22, he said, adding in financial year 2011 Agrobank set aside some RM2.1 million as zakat for distribution to eligible recipients. – Bernama

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