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Local News
@ Halal | September-October . 2021
CIMB BANK Berhad and CIMB Islamic Bank Berhad launched the CIMB OctoSavers Savings Account-i (“ OctoSavers Account-i ”) on Aug 1 , 2021 , the bank ’ s first all-digital Islamic account , together with the new CIMB Octo Debit Mastercard (“ Octo Debit Mastercard ”).
The OctoSavers Account-i is specially curated for new customers ’ convenience where the account opening and onboarding process is self-executed entirely online . At the same time , the debit card will be mailed to customers , ensuring a convenient branchless experience .
The fully online account opening procedure is made possible by leveraging Bank Negara ’ s electronic Know-Your-Customer (“ e-KYC ”) guideline – where CIMB can fulfil its requirements for conducting customer due diligence through electronic means , including online and mobile channels .
The new end-to-end digital onboarding helps to further safeguard customers ’ health during the pandemic by not having them step foot in a branch .
Samir Gupta , Chief Executive Officer , Group Consumer Banking , CIMB Group , said : “ The introduction of the OctoSavers Account-i and Octo Debit Mastercard is a significant milestone in CIMB ’ s digital banking journey .
CIMB launches OctoSavers
It ’ s the bank ’ s first fully digital Islamic savings account
“ It ’ s particularly timely in the current Covid-19 environment . The pandemic has fast-tracked our digitisation initiatives and accelerated our efforts in charting an optimum , seamless and safe user experience for the benefit and convenience of our customers .
“ We look forward to offering more innovative digital banking and Shariah-compliant solutions that can meet customers on-the-go banking requirements online .”
The CIMB OctoSavers Account-i is CIMB ’ s first fully digital Islamic savings account that offers instant rewards along with other benefits .
Account-holders can earn OctoPoints through OctoChallenge and OctoMissions to redeem instant rewards such as vouchers from popular online stores and e-wallets such as Shopee , Zalora , Grab and Lazada – all managed within the CIMB Clicks app .
Additionally , account holders will also enjoy a waiver of annual fee on Octo Debit Mastercard .
Besides all the advantages and convenience of digital innovation , customers will also be pleased to note that CIMB ’ s offering supports Value-Based Intermediation , where practices and offerings in Islamic banking and finance generate positive and sustainable impact on the economy , community and environment .
Maybank Islamic launches halal route to market programme
MAYBANK ISLAMIC Berhad recently embarked on an initiative called Halal Route to Market Programme ( HalMap ) with the primary objective to enable small and medium enterprises ( SMEs ) to expand their halal businesses outside Malaysia .
The programme will kick off with the selection of 10 SMEs to venture into Singapore ’ s halal food market .
Under this programme , the SMEs will be provided a distribution platform , service advisory and training to market their products in the Fast-Moving Consumer Goods ( FMCG ) market segment .
By the fourth quarter , the 10 SMEs and their 50 products are expected to be on the shelves of a supermarket and specialty grocery store called Eccellente by HAO Mart located in Kinex Mall , Singapore . Maybank Islamic has entered a strategic partnership with amaxMALL Sdn Bhd and the Malaysia External Trade Development Corporation ( MATRADE ) to facilitate this programme .
Being one of the established online and physical business platforms for SMEs , amaxMALL will collaborate with HAO Mart to market and promote SME products physically and online .
The partnership with amaxMALL and MATRADE is part of Maybank Islamic ’ s on-going efforts to tap on the ever-growing halal market by enhancing the awareness of the halal industry , increasing the number of new halal-certified companies and ultimately assist them to expand into the overseas halal markets .
“ This collaboration is part of our plans to provide access to the marketplace for local SMEs to expand their reach outside Malaysia , bringing the halal businesses to the world ,” said Maybank Islamic CEO Datuk Mohamed Rafique Merican in a statement .
With the current challenges faced by SMEs due to the Covid-19 pandemic , HalMap can be a new channel to provide the bank ’ s SME customers with additional opportunities to expand their operations .
He added that the bank is hopeful that this initiative would help local SMEs remain resilient , despite the challenges .
“ We are also committed to assisting not just the SMEs but also our Business Banking customers and Corporate businesses to expand their halal business opportunities globally .
“ To this end , we are focusing on four areas to drive the growth of the halal supply chain , namely the awareness , financing , capability and capacity building and access to the marketplace ,” said Mohamed Rafique . The collaboration between amaxMALL and HAO Mart has entered its second year where amaxMALL ’ s platform is being used for Malaysian SME products to be placed at Eccellente by HAO Mart ’ s supermarket shelves in Singapore .
“ This is a huge opportunity for Malaysian SME halal products to expand their reach into the export market ,” said amaxMALL CEO Datin Dr Nik Sarina Hashim .
“ This year , we are pleased to have Maybank Islamic onboard through its HalMap initiative . We look forward to add these new vendors to our portfolio of Malaysian SME vendors for us to assist their market access to Singapore .”
Bank Islam and SME Corp collaborate
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BANK ISLAM and SME Corp Malaysia have signed a memorandum of understanding ( MoU ) to improve the competitiveness of small and medium enterprises ( SMEs ) in Malaysia .
With this collaboration , both sides have agreed to provide access to SMEs to participate in various events jointly . Some of these events consist of training programmes , awards , and financial products and services to enhance SMEs ’ capability and capacity .
CEO of Bank Islam Mohd Muazzam Mohamed , said the MoU marked another milestone for the bank in pursuing a strategic collaboration . The said collaboration will involve financial assistance , including working capital and capital expenditure , trade financing , and other services such as Bancatakaful , cash management and e-banking solutions .
He hoped the partnership would further spur the growth of the SME sector in terms of ensuring their resiliency and
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continuous contributions to the rebuilding of the nation post-pandemic .
He shared that Bank Islam offered various capacity-building financing facilities , including GO Halal SME , a financing opportunity for SMEs to embark on halal-certified businesses .
Mohd Muazzam added that Bank Islam aimed to move from financingcentric to an “ ecosystem play ” in supporting enterprises . This includes enabling digital transformation for its customers and its SMEXpert mobile app , which will support the SME ecosystem .
He said the bank ’ s latest collaboration with SME Corp would benefit Bank Islam ’ s SME customers by opting for the Shariah-compliant SME Financing Scheme ( SSFS ).
This scheme allows eligible customers to enjoy a two per cent profit rebate with the various financing packages provided . He shared that the government , through SME Corp , has allocated the profit rebate
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to SME financing worth up to RM4 billion under this scheme .
He also revealed that Bank Islam had supported 121 SME customers with a total of more than RM133 million financing since the start of the financing scheme in 2013 .
“ With a comprehensive offering to benefit the SMEs , we aim to grow these numbers with the signing of the MoU ,” said Mohd Muazzam .
SME Corp Chairman Datuk Seri Syed Hussein Al Habshee said the strategic collaboration with Bank Islam is part of the proactive efforts to provide SMEs
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with viable business opportunities , especially during these challenging times .
“ By leveraging the business-tobusiness platform offered by Bank Islam as well as the financing support included in the collaborations stated in the MOU , we hope that such initiatives can assist SMEs to sustain their operations in the current pandemic situation ,” he said .
He added that having a solid financial position was an essential foundation for SMEs to leap forward and remain competitive as it will assist them in easing the current challenges they face .
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