Bank Islam reduces rates by 25 basis points

The last revision in Bank Islam’s BR was on May 10, 2019, when it was revised from 4.03 per cent to 3.77 per cent and BFR from 6.98 per cent to 6.72 per cent. — Reuters pic
The last revision in Bank Islam’s BR was on May 10, 2019, when it was revised from 4.03 per cent to 3.77 per cent and BFR from 6.98 per cent to 6.72 per cent. — Reuters pic

KUALA LUMPUR, Jan 25 — Bank Islam Malaysia Bhd will revise its Base Rate (BR) and Base Financing Rate (BFR) following Bank Negara Malaysia’s (BNM) decision to reduce the Overnight Policy Rates (OPR) by 25 basis points to 2.75 per cent from three per cent.

Chief executive officer, Mohd Muazzam Mohamed said, the new rate which will be effective January 28, 2020, will see the BR reduced by 25 basis points from 3.77 per cent to 3.52 per cent per annum while the BFR from 6.72 per cent to 6.47 per cent per annum.

“The reduction will alleviate consumers’ financial burden and further spur investments and domestic consumption as the effective profit rate will be adjusted downwards accordingly.

“Apart from that, the cut will translate to a lower instalment amount subsequently boosting the economy,” said Mohd Muazzam in a statement.

The last revision in Bank Islam’s BR was on May 10, 2019, when it was revised from 4.03 per cent to 3.77 per cent and BFR from 6.98 per cent to 6.72 per cent.

For further information, please visit www.bankislam.com.my. — Bernama

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