Bank Islam targets RM800m fund growth

KUALA LUMPUR: Bank Islam Malaysia Bhd aims to achieve investment fund growth of RM800 million this year, driven by the launch of its enhanced Al-Awfar product, which includes new features and attractive offers for customers.

Chief executive officer Mohd Muazzam Mohamed said the bank was also looking to attract 230,000 new customers this year via the product, adding that AlAwfar had been successful in attracting new customers since it was launched in 2009.

“Over the last decade, Al-Awfar has produced 23 millionaires. Bank Islam has received an overwhelming response (for the product), and we achieved a good track record with a total fund size of RM2.45 billion and 771,496 accounts.

“Based on this encouraging response, we decided to further improve the product, enhance the draw prize structure and increase the total value of prizes from RM10 million to more than RM14 million,” he said at the launch of the enhanced product, here, yesterday.

The draws are divided into three main categories, namely half-yearly special draws, quarterly draws and monthly draws.

Prizes include cash, luxury cars, an umrah package and Apple brand products, such as iMac, Macbook Pro and iPhone.

At the same time, Mohd Muazzam said Bank Islam would continue to hold its monthly campaign “Jom Pindah Gaji” until year-end.

“We offer a cash prize totalling RM100,000 to 13 winners each month. Customers only need to transfer their salaries to Bank Islam to be eligible for this draw, which is open to government servants and all agencies under it,” he added.