CIMB Islamic eyes moderate growth
KUALA LUMPUR, Sept 10 (Reuters) Malaysia CIMB Islamic Bank Bhd, part of Southeast Asia fifth largest lender by assets, expects moderate levels of domestic growth as it plans to focus on core markets to maintain profitability, its chief executive canada goose uk black friday told Reuters.
The modest growth expectations at CIMB Islamic, part of CIMB Group canada goose clearance Holdings Bhd and one of the most canada goose coats established names in Islamic finance, highlights the broader trend in an industry that is grappling with global economic https://www.canadagooseoutlete.com/ Canada Goose Outlet conditions cheap canada goose uk that are dampening growth prospects and profitability.
The Islamic lender saw gross financing assets increase by 13.2 percent year on year canada goose clearance sale compared to canada goose store 23.8 percent for the canada goose factory sale same period last year, according to June financials.
year we see our growth moderating even further, not just because we have a bigger base but it a different market altogether, chief executive Badlisyah Abdul Ghani said in an interview at the bank Kuala Lumpur headquarters.
focus is to deepen our penetration in the existing market, canada goose making sure that Canada Goose sale we focus on customer segmentation. We want to focus buy canada goose jacket cheap on our current business activities through organic growth.
CIMB Islamic held 50.9 billion ringgit ($15.3 billion) in Canada Goose Jackets assets and has an overseas canada goose uk shop presence that includes Bahrain, Brunei, Indonesia and Singapore.
Its consumer banking business is focused on Malaysia and Indonesia, with uk canada goose Indonesia in particular expected canada goose uk outlet to help buoy the bank growth if cheap Canada Goose its economy expands in line with forecasts.
Malaysia you will not see a high growth 2018 goose jackets rate like the 20 percent, but overall we will still be over 20 percent, he said.
CIMB Islamic now represents 15 percent of the group balance sheet and 30 percent of domestic operations. It now offers a wide range of banking services, having started as a unit focused on investment banking.
business across the group is still predominantly Malaysia centric. Our overseas contribution for Islamic business is less than 10 percent and has been that for the last 11 years, and we do not foresee that increasing substantially.
The uk canada goose outlet bank is also preparing to transition some mudaraba based deposit accounts into canadian goose jacket investment accounts to align itself with the new Islamic Financial Services Act (IFSA) that came into effect in June.
Mudaraba is a form of investment partnership Canada Goose Online that is common in Islamic finance, which follows religious principles such as a ban on interest and gambling.
we have a lot canada goose black friday sale of mudaraba based products that are deemed Canada Goose Parka or operated as a deposit. Under IFSA they will be considered as an investment account, so that remains a canada goose coats on sale deposit until five years down the road.
The bank is taking steps to make the transition but there would be no immediate impact as IFSA gives a five year moratorium to fall Canada Goose online in line with the rules, Abdul Ghani buy canada goose jacket said.
The bank mudaraba based savings, demand and term deposits amounted to Canada Goose Coats On Sale 5.3 billion ringgit or 15 percent of all customer deposits, according to June financials. (Editing by Stephen Coates).