Tuesday, March 10, 2009

OCBC Al-Amin expects double digit growth

OCBC Al-Amin Bank Bhd is expecting a double digit growth this year despite the gloomy economic outlook.
"Generally, it will be in the low end of double digit growth for both assets and income. This target is achievable due to our current base which is relatively small," said the bank's director and chief executive officer Syed Abdull Aziz Syed Kechik at the opening of a second branch and introduction of three Shariah compliant unit trust products.
For the financial year ended Dec 31, 2008, the bank's asset size was at RM3.7 billion. He also stated that the bank would open three more branches this year at a cost of RM3 million each.
"We will focus on efforts in opening the three branches, along with initiatives to develop innovative financial solutions for our customers," said Syed Abdull.
The unit trust products launched on Mar 10 are PRUdana al-islah, PRUdana Dinamik and HLG Islamic Income Management Fund, which are based on the Islamic principle of wakalah.
According to Syed Abdull, the products come with the flexibility to act either as an investment tool or a means of timely conversion into liquid asset. OCBC Al-Amin is the whollyowned Islamic banking subsidiary of OCBC Bank (Malaysia) Bhd. — Bernama

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