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

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

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

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

According to AIBIM, under the Targeted Loan Repayment Assistance, as of March26, 2021, banks have collectively approved over 95 percent of the 1.6 millionapplications received, including those for financing moratorium and reductionin monthly payments.

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

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

VNA