Page 54 - Bank Muamalat_AR24

52 BANK MUAMALAT MALAYSIA BERHAD

RETAIL BANKING

The Retail Banking Division (RBD) plays a pivotal role in

Revenue serving individual customers and meeting their financial
RM1.32 billion needs. It provides a diverse array of retail financing products
(20.53% YoY) and services, encompassing property financing, personal
financing, vehicle financing, Amanah Saham Bumiputra
(ASB) financing, Ar-Rahnu financing, and retail investment.
The division focuses on building long-term relationships with customers by offering
personalised financial solutions, delivering exceptional customer service, and enhancing
accessibility through various banking channels. Additionally, RBD plays a significant role in
generating revenue for the Bank through financing income, fees, and commissions derived
from its retail product offerings. During the year, RBD demonstrated robust performance
across its portfolio, marked by significant growth in financing and strategic advancements
in digital platforms and customer engagement.

Total Financing Balance PERFORMANCE REVIEW
Outstanding
(RM Million) In FY2024, the Bank’s RBD achieved significant growth, with its financing portfolio
reaching a record outstanding balance of RM23.95 billion. This represents a 17.71%
20,341.84 and Vehicle Financing at RM2.23 billion. The Gross Impairment Ratio for Retail Financing
segment at RM12.33 billion, complemented by Personal Financing at RM8.38 billion
25,000 23,950.29 increase from RM20.35 billion in 2023. House Financing continued to be the largest

20,000 remained low at 0.98%, significantly below the banking industry average of 1.40%.
Strategic initiatives during the year included the September launch of Google MAP2.0,
15,000 a “Banking Anywhere, Anytime” online digital platform designed to expedite sales,
credit processing, and approvals, reducing turnaround time (TAT) from three days
10,000 to one. This platform successfully processed 7,001 applications, valued at
RM896.28 million.
5000
Additionally, a key partnership was established in July 2024 for salary deductions via
AG Salary Deduction/BPA Angkasa for Retail Financing, leading to the approval of
- 2,153 cases totalling RM234.99 million. The Ar Rahnu service also achieved a record
FY2023 FY2024
performance, with disbursements reaching RM902.8 million and Net Financing Growth
at RM185 million. Retail Investment income also saw substantial improvement, reaching
RM59.4 million.