KUALA LUMPUR: PT Bank CIMB Niaga Tbk (CIMB Niaga), 97%-owned by the CIMB Group, plans to roll out a new syariah product, Commodity Murabahah deposit, possibly by end of this year, said CIMB group’s head of group Islamic banking division, Badlisyah Abdul Ghani.
Badlisyah, who is also chief executive officer of CIMB Islamic Bank Bhd, said the product, to be offered under CIMB Niaga Shariah, the group’s Islamic banking sub-brand in Indonesia, was awaiting approvals from relevant regulators in Indonesia. (source)
“Hopefully, we can secure approvals for the product as early as possible,” he said in an interview with Bernama recently.
“Approvals processes are different in different jurisdictions and some can even be longer than three months.
“No matter what the timing, we are a bank and we are in the business for the long haul. We will work closely with regulators to obtain the desired approvals so as to be able to bring the right product to the market on a timely basis,” he said.
He added that the Commodity Murabahah deposit was one of the more major products among several others that the bank currently had in the pipeline in Indonesia.
“The product is of high priority to us because it is a very strong and good product for customers whether they are institutional and retail depositors as it is the only Islamic deposit product that will provide depositors with both certainties of getting their desired returns and getting back their principal deposit,” Badlisyah said. — Bernama
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