KUALA LUMPUR, May 6 (Bernama) -- Affin Islamic Bank Bhd today launched Affin Home Invest-i and Affin Business Premises Invest-i, and expects to disburse RM50 million under the new financing products this year.
Its chief executive officer, Kamarul Arrifin Mohd Jamil, said that since the soft launch in February, the bank had approved approved applications for up to RM30 million. (full story)
The new products based on the Musharakah Mutanaqisah concept are flexible home and business property financing products that were designed specifically for the masses, he told reporters after the launch ceremony here.
Both products are available for acquisition of property either under construction or completed, and also refinancing of completed property.
Kamarul Arrifin said Affin Islamic would take on as co-purchaser of the property at 90 per cent equity with the buyer fronting the usual 10 per cent, and the bank would then lease or rent out its share of the property to the buyer during the contruction until the completion of the property and thereafter.
Through this sharing element, he said, the buyer would gradually acquire the bank's initial ownership share. It means the buyer will increase his share of the property while the bank will decrease its share until the buyer fully owns the property.
He said the Musharakah Mutanaqisah concept would eventualy replace the Bai-Bithaman Ajil concept.
Asked on Affin Islamic's expansion in Malaysia, Kamarul Arrifin said the bank planned to open a branch in Kedah and two in the Klang Valley in a few months time.
Presently, the bank has six branches and 86 shared outlets with Affin Bank Bhd nationwide.
Meanwhile, on the acquisition of Indonesian bank PT Bank Ina Perdana by Affin Bank, Kamarul Arrifin he said the bank was awaiting approval from the central bank of Indonesia.
"We have obtained approval from Bank Negara Malaysia and have signed the conditional sale and purchase agreement in August last year," he said, expecting the acquisition to be completed in the second half of 2011.
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