Bank Rakyat approves RM21 bln for financing products as of Sept 30, 2016

Malaysia's largest Islamic cooperative bank, Bank Rakyat, has approved RM21 billion for its financing products -- personal; home; auto and motorcycle; education; micro; and, credit card as of Sept 30, 2016.

Chief Operating Officer, Md Khairuddin Arshad, said the bank has achieved 95 per cent approval target for financing products this year mainly driven by the pick-up in personal financing growth.

"This is mainly due the bank's aggressive marketing and promotional drives from earlier this year despite a more challenging environment locally and globally," he told reporters after the launch of #BankRakyatCares campaign here today.

He said the campaign aimed at promoting the bank's personal financing-i, home financing-i, auto and motorcycle financing-i, credit card-i, debit card-i, term deposit-i account and pawn broking-i.

"Through the campaign, from Oct 15, 2016 to March 31, 2017, we are targeting RM5 billion approval for the financing products and of the total RM3 billion is expected to be approved in the first quarter of 2017.

"The products we are promoting will benefit customers in planning their finances effectively and they offer prizes worth almost RM1 million," he said.

Md Khairuddin said to participate, customers needed to send an short message service for each product promoted by the bank.

Customers can visit Bank Rakyat's corporate website at www.bankrakyat.com.my or www.irakyat.com.my for further information on the campaign, he said. - BERNAMA