08
Local News
@ Halal | March-April . 2021
Bank Islam Malaysia Berhad recently signed a memorandum of understanding ( MoU ) with Noor Luminous Sdn Bhd to offer Islamic banking facilities and products through the company ’ s new digital application known as TheNoor .
Through TheNoor , Bank Islam aims to gain as many as 500,000 new customers by offering link gateways to various products and services such as retail financing ; small and medium enterprises ( SMEs ) takaful ; credit and debit cards as well as account opening over the next 12 months through this new application .
At the same time , Bank Islam will also explore opportunities to expand cooperation with the company in the future .
The MoU was signed by Mohd Noor Jab , Bank Islam ’ s Head of Deposit and Cash Management with Mohd Izzairi Yamin , Noor Luminous Chief Technology Officer , while witnessed by Noor Luminous Chairman Datuk Ahmad Tajuddin Idris , Bank Islam Chief Executive Officer Mohd Muazzam Mohamed and Noor Neelofa Mohd Noor who is also the CEO of Noor Luminous .
Launched in January 2021 , TheNoor is a Muslim lifestyle app that applies spiritual aspects in daily life . Display applications include prayer times , Qibla direction determination , a media player and translation of verses from the Quran to five languages ( English , Mandarin , Tamil , English and Indonesian ). It also provides a collection of hadith and tourist information for consumer reference , in addition to serving as an e-commerce platform .
Bank Islam Chief Executive Officer , Mohd
Bank Islam targets
500,000 new customers
TheNoor digital app offers gateway link to various products
The signing of the MoU recently .
Muazzam Mohamed said : “ Through this collaboration , Bank Islam has been appointed as TheNoor Official Bank . It enables us to provide a range of Islamic banking facilities and products , including cash management , personal financing , vehicles and housing at special rates as well as business financing to Nilofa Group agents and stockists .
“ Bank Islam is very proud to have the opportunity to support local entrepreneurs in growing their business and build an ecosystem that can give the community the opportunity to become entrepreneurs in order to improve their quality of life .
“ The recent partnership with Noor Luminous is also in line with Bank Islam ’ s digitisation direction which aims to bring innovation to our banking offerings to meet the current needs , needs and tastes of customers .
“ Through the TheNoor application , Bank Islam can leverage this platform to achieve a wider new customer network and increase customer banking access . With the availability of this application , customers can now apply for Bank Islam facilities and products anywhere , as well as at any time .”
List of SPHM holders available on halal portal , SmartHalal app
The complete list of 318 licensed meat importers with Malaysian Halal Certification ( SPHM ) can be obtained on www . halal . gov . my or the SmartHalal application , said Minister in the Prime Minister ’ s Department ( Religious Affairs ) Datuk Seri Dr Zulkifli Mohamad Al-Bakri .
Zulkifli , in a posting on his Facebook page said the Muslim community can now deal with SPHM holders without any doubts .
Among the SPHM holders present at the meeting were GCH Retail ( Malaysia ) Sdn Bhd , Sushi King Sdn Bhd , Kyros Kebab Sdn Bhd , Melawati Kebab Sdn Bhd , Nusantara Meat Bhd , Ramly Food Processing Sdn Bhd , Al-Hilal Food Processing Sdn Bhd , Macfood Services ( M ) Sdn Bhd and Selamat Supplies Sdn Bhd .
However , Zulkifli did not disclose the outcome of the discussion which also involved KPDNHEP , the Department of Veterinary Services ( DVS ), Department of Malaysian Quarantine Inspection Services ( MAQIS ) and Royal Malaysian Customs Department ( JKDM ) as well as other stakeholders in the industry .
BNM : Islamic finance must consider legal and technological aspects when developing products
MalaYSIa ’ s Islamic finance industry is growing steadily despite the calamities caused by Covid-19 outbreak in 2020 .
The data in the Economic Outlook 2021 report published by the Finance Ministry ( MoF ) shows that the Islamic banking industry in Malaysia has expanded with total assets valued at RM1.03 billion and the total outstanding Islamic financing has increased to RM787.8 billion . According to the MoF , Malaysia ’ s Islamic finance industry is expected to expand further with the continuous promotion of Shariahcompliant products .
Despite the expansion of the Islamic finance industry in Malaysia , some may still have misconceptions about Islamic finance – for instance , that Islamic financing is only limited to Muslims , is old-fashioned or is more complicated compared to conventional financing . In fact , Islamic finance is a credible alternative to the conventional financial system . To debunk some of these myths , this article provides an overview of the basics of Islamic finance in Malaysia .
In respect of Islamic finance in Malaysia , banking and insurance products are supervised by the Shariah Advisory Council ( SAC ) of Bank Negara Malaysia ( BNM ) established under the Central Bank of Malaysia Act 2009 .
The role of BNM ’ s SAC includes ascertaining the Islamic law on any financial matter and advising BNM on any issue relating to Islamic financial business .
Meanwhile , the SAC of the Securi- ties Commission ( SC ) established under the Capital Market and Services Act 2007 oversees capital markets and provides advice to the SC on Islamic capital market business matters .
The Covid-19 pandemic has prompted increased awareness of the potential of financial technology offerings in the area of Islamic finance such as Shariah-compliant digital assets , crowdfunding platforms and peer-topeer financing platforms , which are gaining popularity in the market .
As Malaysia ’ s Islamic finance industry evolves , more Shariah-compliant products have been introduced and are available in the local market , targeting both Muslim and non-Muslim investors .
Structuring Shariah-compliant products is not only about avoiding riba and gharar or complying with SAC rulings . It is also about financial literacy , technology , and ensuring products adhere to the ever-increasing dearth of laws and regulations from BNM .
Thus , it would be prudent for Islamic finance players to consider the legal and technological aspects when developing and structuring Shariahcompliant products .