Bank To Focus On Increasing Non-Muslim Customers

GEORGE TOWN (Penang, Malaysia), Jan 30 (Bernama) -- Bank Muamalat Malaysia Bhd will focus on increasing the number of non-Muslim customers as a proactive move to enhance the market of various Islamic banking products and services which are increasing drawing the attention of non-Muslims in Europe. Chairman Dr Mohd Munir Abdul Majid said: "There's nothing wrong with non-Muslims using Islamic banking products and services. If we look at the international level, they've started to show interest to use the Islamic banking system. "The Islamic banking system offers more attractive services compared with those provided by conventional banks. For example, the Ar-Rahnu Islamic pawnbroking service which is safer and fair when compared with the other pawnbroking system." Speaking to reporters after opening Bank Muamalat's Lebuh Pantai branch at Penang state of Malaysia on Monday, he said the interpretation and use of accurate and correct terms for a particular product or service offered in the Islamic banking system was also an important element to attracting the interest of non-Muslims to the system. "May be the non-Muslims are quite confused with the Arabic terms used in Islamic banking, may be the terms should be translated into simple language like Ar-Rahnu is replaced with Islamic pawnbroking. "This alternative can possibly help increase the number of non-Muslims using the Islamic banking system," he said. Mohd Munir said that presently, the percentage of non-Muslims using Bank Muamalat's services was 20 per cent for the deposits segment and 40 per cent for the financing segment. He said the number of non-Muslims using the Islamic banking system in Malaysia was still low because they thought the system was only for the Muslims. Bank Muamalat, which started operations 13 years ago, has 56 branches nationwide. -- BERNAMA