Malaysia’s Islamic banking institutions support COVID-19-hit customers

13/05/2021 16:17

Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) has pledged support for customers who are affected by the COVID-19 pandemic, and facing difficulties in debt payment.

Malaysia’s Islamic banking institutions support COVID-19-hit customers ảnh 1

AIBIM supports customers who are affected by the COVID-19 pandemic. (Photo: Bernama)

Kuala Lumpur (VNA) – Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) has pledged support for customers who are affected by the COVID-19 pandemic, and facing difficulties in debt payment.

AIBIM executive director Ratna Sha’erah Kamaludin said the bank had developed a simple application process and documentation requirements to make it easier for customers to seek assistance.

According to AIBIM, under the Targeted Loan Repayment Assistance, as of March 26, 2021, banks have collectively approved over 95 percent of the 1.6 million applications received, including those for financing moratorium and reduction in monthly payments.

The association urged affected customers to immediately consult and seek assistance from banking institutions.

AIBIM, established in 1995, has 26 member bank, including 11 local banks, five development financial institutions and ten foreign banks incorporated in Malaysia./.

VNA