KUALA LUMPUR: CIMB Islamic Bank Bhd expects an increase in its financing contribution to the CIMB group to between 15% and 19% this financial year, up from 13.8% currently, according to CIMB Islamic executive director and CEO Badlisyah Abdul Ghani.
“Currently, CIMB Islamic’s total financing contribution to the group is 13.8%. Both the conventional bank and the Islamic bank are growing but we expect the share (of loan) book by the Islamic bank to grow bigger but not to the extent that it will be growing too fast. The growth will only still be in the teens and it (the contribution by CIMB Islamic to CIMB total loan) should be about 15% to 19% for this financial year,” he said.
Badlisyah was present during a memorandum of understanding signing ceremony between CIMB Islamic and Majlis Amanah Rakyat with Shapers Malaysia Sdn Bhd to conceptualise Halal Fiesta Malaysia (Halfest) 2011.
“CIMB Islamic has always been keen to assist the development of the halal industry in Malaysia. With the help of Shapers, we are propagating and promoting the utilisation of Islamic finance in the halal industry. We always believe that you can’t be halal if your finance is based on riba. There is no rationale behind supporting a halal product that utilises conventional financing to develop it,” Badlisyah said.
Shapers Malaysia is an event and project management company and also the founder and manager of Halfest, Malaysia’s first halal consumer expo. The expo will be held from Oct 12 to 16 at PWTC with 727 booths and an expected 50,000 attendees.
This article appeared in The Edge Financial Daily, September 6, 2011.