Latest news with #Ar-Rahnu
Barnama
9 hours ago
- Business
- Barnama
Bank Rakyat, PT Bathi Rakyat Abadi Team Up To Support Halal-based Businesses In Indonesia
KUALA LUMPUR, Aug 19 (Bernama) -- Bank Kerjasama Rakyat Malaysia Bhd (Bank Rakyat) and PT Bathi Rakyat Abadi today signed a Memorandum of Understanding (MoU) to collaborate on expanding Shariah-compliant financial solutions, namely Ar-Rahnu (Islamic pawn broking) services, and support the growth of halal-based businesses in Indonesia. Minister of Entrepreneur and Cooperatives Development Datuk Ewon Benedick said the partnership demonstrates the shared aspiration of Malaysia and Indonesia to empower communities, broaden financial inclusion, and strengthen the cooperative movement beyond national borders. 'This collaboration between Bank Rakyat and Bathi Rakyat Abadi is a meaningful step towards strengthening Malaysia and Indonesia's relations through the cooperative movement,' he said In a statement today.
New Straits Times
30-05-2025
- Business
- New Straits Times
Bank Islam Q1 earnings down on higher provisions, but non-fund income jumps 50pct
KUALA LUMPUR: Bank Islam Malaysia Bhd's (BIMB) net profit dropped 3.4 per cent to RM126.27 million in the first quarter ended March 31, 2025 (1Q25) from RM130.73 million a year ago. The lower earnings were mainly due to higher net allowance for impairment on financing and higher total overheads, mitigated by higher net income, the bank said in a filing to Bursa Malaysia today. However, revenue for the quarter rose to RM1.23 billion, down 7.89 per cent from RM1.14 billion previously. Earnings per share stood at 5.57 sen, down 0.2 sen from 5.77 sen in 1Q24. BIMB registered a net income of RM673.5 million in 1Q25, a nine per cent increase from a year earlier, primarily driven by a 50.3 per cent surge in non-fund-based income at RM133.6 million. Other contributing factors included increased foreign exchange transactions income and net gains from the sale of investment securities. BIMB's net allowance for impairment on financing and advances rose by RM37.5 million to RM79.8 million in the quarter, primarily due to an increase in net new impaired financing. The bank's total assets stood at RM98.3 billion, up eight per cent year on year, spurred by increased investment securities and financing. Gross financing grew six per cent to RM71.8 billion, driven by a 6.5 per cent increase in consumer financing and a 10.4 per cent rise in commercial financing. Customer deposits and investment accounts rose 5.5 per cent to RM80.6 billion. As of March 2025, the bank's current, savings and transactional investment accounts stood at RM30 billion, representing a healthy composition of 37.2 per cent. Total capital ratio remained robust at 18.7 per cent. Commenting on the financial performance, group chief executive officer Datuk Mohd Muazzam Mohamed said the bank delivered a modest first quarter performance, driven by strategic growth and a commitment to sustainability. "As a forward-looking, Shariah-compliant financial institution, we continue to evolve with customer expectations while leveraging technological advancements in Islamic finance. "Our continued focus on responsible banking and long-term sustainable growth reinforces Bank Islam's leadership in shaping a more inclusive, resilient, and future ready financial ecosystem," he said in a separate statement. On prospects, BIMB said its business growth strategies for 2025 prioritise the expansion of wealth management, Ar-Rahnu and bureau-de-change services, while fortifying collaboration with its subsidiaries, namely, BIMB Investment Management Bhd and BIMB Securities Sdn Bhd. The bank will also continue to strengthen its Ar-Rahnu services by expanding product offerings and enhancing accessibility, further advancing Shariah-compliant financial solutions to meet evolving customer needs. BIMB said it remains steadfast in addressing environmental and social challenges, particularly climate change and community upliftment. It noted that social finance remains the key pillar in this approach, spearheaded by its globally recognised social finance driver, Sadaqa House.
