CIMB partners with proptech Juwai IQI
KUALA LUMPUR: CIMB Bank Bhd and CIMB Islamic Bank Bhd (CIMB) and Juwai IQI, Asia’s largest proptech group, have entered into a partnership to provide property financing to Juwai IQI customers in Malaysia.
The partnership will also allow direct access to CIMB’s suite of investment solutions and exclusive benefits, providing a one-stop centre for a wide range of financial needs.
In a press statement, CIMB Islamic chief executive officer Ahmad Shahriman Mohd Shariff commented, “CIMB is excited to be a partner to Juwai IQI. We are proud to be the first Malaysian-based bank to offer Syariah-compliant and sustainable solutions to Juwai IQI’s customers, including financing, takaful, deposits, investments and other banking services.
“Based on Bank Negara Malaysia’s monthly loan application data, the value of home loan applications grew 86 per cent year-on-year to RM179.4 billion in the first half ended June 30, 2021 (1H21) from RM96.4 billion in the first half ended 30 June 2020 (1H20).
“With the Overnight Policy Rate at a record low of 1.75 per cent, consumers are taking advantage of mortgage rates as well as looking at other asset classes to generate higher yields.
“We foresee a stronger growth for our consumer banking business this year and anticipate higher demand for real estate in the country and ASEAN as a whole in line with the global economic recovery.”
Juwai IQI has been operating in Malaysia since 2012 and is present in 10 states, selling and renting properties with a combined value of over US$1 billion in total in 2020, having tripled its agency force to 15,000 globally in the same year.
As a leading proptech group in Asean, it has chosen Malaysia for its Asean headquarters.
Juwai IQI co-founder and group CEO Kashif Ansari said, “Since making Malaysia our regional Southeast Asian headquarters for our real estate business in 2016, we have grown tenfold as a leading Asean proptech group.
“We are looking forward to this partnrship.”