Bank Muamalat Malaysia

Berhad A public limited company (legally abbreviated to PLC or plc) is a type of public company under United Kingdom company law, some Commonwealth jurisdictions, and the Republic of Ireland. It is a limited liability company whose shares may be freel ...

( Jawi: بڠك معاملة مليسيا) started its operations on 1 October 1999 with a combined

assets In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value ...

and liabilities brought over from the

Islamic banking Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...

windows of the then Bank Bumiputra Malaysia Berhad,

Bank of Commerce Bank of Commerce, commonly known as BankCom, is a universal bank in the Philippines and is licensed by the Bangko Sentral ng Pilipinas (BSP). Bank of Commerce is an affiliate of San Miguel Corporation (SMC). Bank of Commerce has a network of 1 ...

(M) Berhad and BBMB Kewangan. Bank Muamalat Malaysia Berhad, the second full-fledged Islamic bank to be established in

Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...

after Bank Islam Malaysia Berhad, is poised to play its role in providing Islamic banking products and services to Malaysians, without regard to

race Race, RACE or "The Race" may refer to: * Race (biology), an informal taxonomic classification within a species, generally within a sub-species * Race (human categorization), classification of humans into groups based on physical traits, and/or s ...

religious Religion is usually defined as a social system, social-cultural system of designated religious behaviour, behaviors and practices, morality, morals, beliefs, worldviews, religious text, texts, sacred site, sanctified places, prophecy, prophecie ...

beliefs. The bank was based on a

profit sharing Profit sharing is various incentive plans introduced by businesses that provide direct or indirect payments to employees that depend on company's profitability in addition to employees' regular salary and bonuses. In publicly traded companies thes ...

model and its products weren't linked to the

Bank Indonesia Bank Indonesia (BI) is the central bank of the Republic of Indonesia. It replaced in 1953 the Bank of Java ( nl, De Javasche Bank, DJB), which had been created in 1828 to serve the financial needs of the Dutch East Indies. History Bank of Ja ...

discount rate, thus surviving to the

1997 Asian financial crisis The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1 ...

which increased the mean interest rate of the other Indonesian banks.

DRB-HICOM DRB-HICOM Berhad () is one of Malaysia's leading corporations, involved in the automotive manufacturing, assembly and distribution industry through its involvement in the passenger car and four wheel drive vehicle market segment, the national t ...

holds 70% shares in the Bank while

Khazanah Nasional Berhad Khazanah Nasional Berhad is the sovereign wealth fund of the Government of Malaysia, entrusted with growing the nation's long-term wealth via distinct commercial and strategic objectives. Khazanah's commercial objective is to grow financial as ...

holds the remaining

shares In financial markets, a share is a unit of equity ownership in the capital stock of a corporation, and can refer to units of mutual funds, limited partnerships, and real estate investment trusts. Share capital refers to all of the shares of an ...

Notes

External links

* 1999 establishments in Malaysia Islamic banks of Malaysia {{Asia-bank-stub

See also

Notes

External links