Asian Finance Bank Aims To Grow Financing Asset To RM2.5 Billion By Year-End

Asian Finance Bank (AFB), a full-fledged Islamic bank in Malaysia, aims to grow its financing assets to RM2.5 billion this year against RM1.7 billion in 2013. Chief Executive Officer Datuk Mohamed Azahari Kamil said 60 per cent of its financing assets would come from domestic sources while the local company in joint-venture with Middle East companies would account for the balance.

“Our corporate clients are mostly government-linked companies (GLC), and as more GLCs are expanding their businesses into the Middle East, we see this as an opportunity for us to grow our financing assets. We will continue to leverage on our Middle- East connection and provide business opportunities between Malaysia and Middle East companies,” he told after signing a Corporate Integrity Pledge (CIP) with the Malaysia Anti- Corruption Commission.

AFB, the first foreign Islamic bank to sign the CIP, was represented by Mohamed Azahari while MACC Deputy Commissioner of Prevention Datuk Sutinah Sutan signed on behalf of the anticorruption agency witnessed by MACC Chief Commissioner Tan Sri Abu Kassim Mohamed. Mohamed Azahari said with the upcoming World Cup 2022 in Qatar, this will create more joint-ventures between Malaysian companies and Middle East companies.

“Middle East companies still favour our local companies as we share the same culture and religion with them. They also understand the way we conduct business,” he added.

Mohamed Azahari said the bank signed the CIP to show its commitment and seriousness in combating corruption in its business activities and to protect shareholder value.

“We want to nurture good corporate governance, accountability and transparency values among our staff and clients. We have also implemented several proactive measures to institutionalize the culture of integrity such as Anti-Money Laundering Policy and Whistle Blower channel that is available in the website, for our customers to lodge reports on misconduct or corruption,” he said.

Meanwhile, Sutinah said since 2010, a total of 395 companies and organizations have signed the CIP with MACC. AFB, incorporated in 2005, is backed by a consortium of shareholders from leading Middle Eastern financial institutions and has branches in Kuala Lumpur and Johor Baharu.

Leave a Reply

Your email address will not be published. Required fields are marked *