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aws账号(www.2km.me)_Bank Islam assumes listing status of BIMB

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Bank Islam CEO Mohd Muazzam Mohamed

PETALING JAYA: Bank Islam Malaysia Bhd has become the first pure play full-fledged Islamic financial institution to be listed on the Main Market of Bursa Malaysia.

The pioneer syariah-compliant bank took over the listing status from BIMB Holdings Bhd (BHB).

The listing marks the completion of the BHB Group’s restructuring exercise, which entails a private placement exercise, a scheme of arrangement to settle outstanding warrants, and the internal reorganisation of subsidiaries.

The internal business realignment measures also include a distribution and capital repayment exercise involving distributing BHB’s entire shareholdings in Bank Islam and Syarikat Takaful Malaysia Keluarga Bhd (Takaful Malaysia) to the shareholders of BHB, and lastly, the transfer of the listing status of BHB on the Main Market to Bank Islam.

Concurrently, BHB would become a wholly-owned subsidiary of Bank Islam, with the bank assuming the parent company role.

This exercise results in Takaful Malaysia becoming a standalone takaful operator with diversified and strong institutional shareholders.

BHB and Bank Islam CEO Mohd Muazzam Mohamed said: “Bank Islam will be accorded full autonomy in undertaking and pursuing itscorporate and business strategies and adopt capital management initiatives with the completion of this corporate exercise.

“With the listing, Bank Islam will have access to a wider and diverse capital base, allowing for its efficient use towards greater support of its future expansion programmes and business growth.

“In addition, the group will have greater scale and ability to support its organic growth.”He added that the listing also opens opportunities for investors to participate directly in the equity and future growth of the new Bank Islam Group, which includes BIMB Investment Management Bhd and BIMB Securities Sdn Bhd.

Through a synergistic and holistic approach, Bank Islam aspires towards a prominent position in offering syariah-environmental, social and governance or ESG total financial solution through renowned excellence in digital banking and social finance by the year 2025, he noted.

With an estimated market capitalisation of RM6.3bil, the bank is embarking on a five-year business strategy roadmap (LEAP25) to deliver the promise of technology, redefine growth and work in new ways to address the unprecedented challenges brought upon by the Covid-19 pandemic.

It would pursue traction in its line of businesses towards achieving LEAP25 through five business drivers: Social Finance, Wealth Management, Enterprises and Wholesale Banking, and Digital Bank.

The group is also pursuing its focus on integrating the principles of syariah, value-based intermediation (VBI) and ESG considerations to remain resilient and promote financial inclusion for all.

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