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BSN Set To Be Lead Bank In Islamic Banking

KOTA BAHARU, Feb 1 (Bernama) -- After 36 years in operations since Dec 1, 1974, Bank Simpanan Nasional (BSN) is set to be the lead bank in implementing syariah-compliant Islamic banking system in the country.

Taking on a new yet dynamic role this year to introduce the system nationwide in stages, the community bank wants to complement government's plan to make Malaysia a pioneer nation in Islamic banking system.

It is determined to support and execute various action plans drawn up to develop the Islamic banking industry.

The latest initiative taken by the bank is to set up two branches as pioneers of Islamic banking system at Taman Bendahara in Pengkalan Chepa and at Jalan Kelantan in Kuala Nerus, Terengganu.

BSN General Manager and Chief Executive Datuk Adinan Maning said opening a branch in Kelantan was yet another effort by BSN towards developing Islamic banking system besides providing access to Syariah-compliant financial products and services to the public.

BSN had taken the step forward to set up branches that provide Islamic banking transactions, an initiative by the bank to be a contributor to a more integrated and competitive Islamic banking industry, he told BERNAMA.

Besides Pengkalan Chepa, BSN started Islamic banking transactions in its Kuala Nerus branch on Dec 1 last year, he said.

BSN, with 400 branches nationwide currently, pioneered Islamic banking transactions in 1994 with only two products -- Simpanan Wadiah and Al-Mudaharabah, said Adinan.

In tandem with Islamic finance industry's rapid growth, he said BSN's financial products and services developed progressively.

To date, he said, BSN had introduced various syariah-compliant products from easy banking and financing to complex investment banking.

Other products are housing loan and Bai' Bithamal Ajil, an asset sale and purchase contract that provides for instalment payment under an agreed repayment period, he said.

Adinan said BSN also provides i-VISA and MASTERCARD Al Aiman credit card services which operate on Syariah principles.

The Mudharabah Scheme has been expanded with the introduction of BSN Ahsan, a syariah-complaint fixed-deposit savings scheme, he said.

In line with BSN's plan to promote and enhance its diverse Islamic banking products and services, Adinan said the bank intends to open another 20 branches that fully operates on Islamic banking principles.

As part of efforts to expand its vision, the bank had launched Islamic banking advertisements on 10 buses plying the routes in Kuala Krai, Tanah Merah, Bachok, Pengkalan Kubur and Kemumin, he added.

-- BERNAMA


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