KUALA LUMPUR, April 9 ― Maybank Islamic Bhd is aiming to achieve 9-11 per cent growth in its Islamic financing portfolio this year, said Chief Executive Officer Muzaffar Hisham.
He said the target was driven by the corporate, small and medium enterprises (SMEs) and retail segments.
"We are looking at the overall general economy and see an opportunity in the SME sector,” Muzaffar told reporters after launching the “Save and Drive” campaign for SMEs here today.
The campaign was launched in conjunction with the 11th Mihas or Malaysia International Halal Showcase, which is held here for four days until April 12.
Muzaffar also said the bank is monitoring closely the next two quarters of growth as well as the overall general economy.
“We are monitoring some of the numbers we anticipate in terms of inflation, overall mortgages and general economy as a whole, and we are mindful of that.
“We are vigilant in the approach taken and if there is a surprise, we want to be ready,” he added.
On Maybank Islamic’s growth, he said the other area of growth was cross-border transactions, as it has offices in Asean to facilitate not only Malaysian customers’ trade with member countries but also for Asean customers looking to inter-trade within the region.
“It may not be big but we do see some potential in cross-border foreign currency transactions, and it will contribute towards the target as well,” he added.
On revenue mix, he said SMEs account for some 10 per cent of revenue, 41 per cent comes from retail segment and the rest is contributed by the corporate segment.
Meanwhile, the bank’s current Islamic deposit stood at RM83 billion as of March 2014, and it holds one-third of the domestic Islamic market share.
Its Islamic financing base amounted to RM88 billion and the overall asset totalled RM132 billion based on its 2013 financial year. ― Bernama
