Bank Islam Malaysia
Bank Islam Malaysia Berhad (Jawi: بڠك اسلام مليسيا برحد) is an Islamic bank based in Malaysia that has been in operation since July 1983. Bank Islam was established primarily to assist the financial needs of the country's Muslim population, and extended its services to the broader population. The bank currently provides Shariah-compliant card services and mobile banking.
 Current Bank Islam logo since 2005 | |
Native name | بڠك اسلام مليسيا برحد |
|---|---|
| Type | Private |
| Industry | Islamic banking and finance |
| Founded | 1 July 1983 |
| Headquarters | Level 32, Menara Bank Islam, No. 22, Jalan Perak, 50450 Kuala Lumpur, Malaysia |
Key people | Ismail Bakar, Chairman Mohd Muazzam Mohamed, Chief Executive Officer Ahmad Hidayat Buang, Chairman Shariah Supervisory Council |
| Parent | BIMB Holdings |
| Website | www |
Bank Islam was set up with an initial authorised capital of RM 500 million and paid in capital of RM 79.9 million; the bank has gradually increased its authorised and paid-in capital to RM 2 billion and RM 563 million respectively.
History
A July 2003 story published in the "Slobodna Bosna" magazine of Bosnia suggests that Bank Islam Malaysia is holding or has held deposits worth about EUR 300 million for the benefit of the Third World Relief Agency (TWRA). The story further suggests that these funds have been now made available to Bomsal, a Malaysian – Bosnian joint venture, for the construction of a toll highway. Bosmal itself has confirmed that it had received a financial facility from Bank Islam, for the highway as well as other development projects in Sarajevo.
In November 2005, the bank reported a significant loss, amounting to RM480 million (US$127,000,000). The loss was largely the result of non-performing loans from its Labuan offshore unit. Bank Islam conducted an internal investigation into the loss.
Noorazman A Aziz, the bank's managing director and CEO since April 2005, left Bank Islam Berhad in June 2006, to be the group Managing Director of BIMB Holdings, parent group of Bank Islam.
In June 2006, Dubai Islamic Investment Group, a subsidiary of the Dubai Group the global financial investor of Dubai Holding, declared that they have taken a 40 per cent stake in Bank Islam.
Subsidiaries
- BIMB Investment Management Bhd
- Al-Wakalah Nominees (Tempatan) Sdn Bhd
- Bank Islam Trust Company (Labuan) Ltd
- Farihan Corporation Sdn Bhd