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CIMB plans to offer microloans in Malaysia

Lender is moving into new areas after collapse of planned merger with RHB Capital and Malaysia Building Society

Published Tue, Jan 27, 2015 · 09:50 PM
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Kuala Lumpur

CIMB Islamic Bank Bhd plans to start offering microloans in Malaysia as it seeks new growth avenues after delaying plans to create a syariah-compliant megabank.

"We are exploring the undertaking and are looking to launch something, subject to relevant approvals, by this year," Badlisyah Abdul Ghani, chief executive of the Kuala Lumpur-based Islamic unit of CIMB Group Holdings Bhd, the top sukuk arranger in 2014, said in a Jan 22 interview. "We have a full range of Islamic products and services and this is the missing piece for us to become a universal bank."

Islamic microloans account for less than one per cent of such lending worldwide an…

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