Bank Islam extends targeted repayment assistance to June 30, 2021
Bank Islam extends targeted repayment assistance to June 30, 2021

KUALA LUMPUR: Bank Islam Malaysia Bhd has extended its targeted repayment assistance to those who have lost their employment or reduced monthly income until June 30 next year.

The bank also provides rescheduling and restructuring options for customers not impacted by the loss of jobs or facing reduced monthly income but need to re-strategise their finances.

Bank Islam said it was committed to assist customers in navigating through current trying times, particularly following the recent spike in Covid-19 positive cases nationwide.

Chief executive officer Mohd Muazzam Mohamed said the bank had been consistently approaching its business banking customers who need a more customised plan in servicing their financing since the beginning of the automatic moratorium in April this year.

He said to date, the bank's approval rate for business banking customers' remained at almost 100 per cent.

The bank has also approved 100 per cent application from its retail customers, of which 43 per cent were approved under a further three-month deferment plan and the remaining 57 per cent approved under a six-month instalment reduction plan.

''The bank is also actively engaging with our affected customers who have yet to submit the required supporting documents for their targeted repayment assistance application. We have also simplified the process to help those in need.

''We are aware that there are customers who may continue to experience cash flow pressures amid the pandemic and need further support in managing their finances. Bank Islam is always open to discuss and provide our best financial solution offerings in assisting them to overcome these difficulties,'' he said in a statement today.

Mohd Muazzam said the bank was proactively reaching out to potentially vulnerable customers, especially in the sectors heavily impacted by Covid-19.

''They include those working in the tourism, hospitality and airline sectors. It is part of our responsibility to help them manage their financial obligations as they strengthen their finances.

''Even though the six-month automatic moratorium period has ended at the end of September 2020, Bank Islam continues to assess applications from affected customers who require repayment assistance,'' he said.

As of today, 98 per cent of Bank Islam's customers have resumed servicing their financing commitment after September.

The bank said the repayments ensure that more liquidity and resources would be available for it to continue providing aid to other individuals and businesses.

 

Published : 26-Oct-2020

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