Islamic Bank Malaysia approves Covid-19 flood financial aid worth RM980bn: AIBIM

KUALA LUMPUR: Islamic banking institutions in Malaysia approved financial assistance of at least RM980 billion in various forms in December 2021.

The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said the financial relief included deferred funding, reduction of monthly funding and restructuring of funding installments to bank customers affected by Covid-19 and flooding.

In addition, he said about RM1.3 billion has been channeled through contributions from Corporate Social Responsibility (CSR) initiatives and other aid from AIBIM member banks.

All assistance programs benefited 2.7 million people and clients.

“This clearly shows that AIBIM member banks are responsive in discharging their corporate responsibilities and playing an important role in achieving the country’s economic recovery goals.

“The commitment of AIBIM member banks has already been demonstrated through the data collected by AIBIM for 2021.

“The contribution in the form of zakat is estimated at RM36 million for the period October 2020 to September 2021, which was channeled through Islamic banking institutions,” AIBIM Executive Director Ratna said today. Sha’erah Kamaludin, in a statement.

She said AIBIM and its member banks remained engaged and proactive in assisting and providing continued support to their customers to meet the challenges since the onset of the pandemic.

It is one of the measures and efforts to support economic recovery as the country moves into the endemic phase, she added.Bernama