Bank Islam Malaysia Bhd’s targeted repayment assistance for customers affected by job loss or monthly salary reduction remains available until June 30,2021.
The bank assures it is committed to assisting its customers in navigating through current trying times, particularly following the recent spike in COVID-19 positive cases nationwide.
Rescheduling and restructuring options for customers
Bank Islam further provides rescheduling and restructuring options for customers not impacted by the loss of jobs or facing reduced monthly income but need to re-strategise their finances.
“We have been consistently approaching our business banking customers who need a more customised plan in servicing their financing since the beginning of the automatic moratorium in April 2020,” chief executive officer, Mohd Muazzam Mohamed said in a statement.
To date, the bank’s approval rate for business banking customers’ applications remains at almost 100%
“Meanwhile, for retail customers, we have approved 100% of the total applications received with complete supporting documents, of which 43% were approved under a further three months deferment plan and the remaining 57% approved under a six months instalment reduction plan.”
He said the bank is also actively engaging with affected customers who have yet to submit the required supporting documents for their targeted repayment assistance application.
“We have also simplified the process to help those in need. We are aware that there are customers who may continue to experience cash flow pressures amid the pandemic and need further support in managing their finances.
“Bank Islam is always open to discuss and provide our best financial solution offerings in assisting them to overcome these difficulties.”
Bank Islam is proactively reaching out to heavily impacted customers especially in sectors such as tourism, hospitality and airline
Mohd Muazzam said the bank is proactively reaching out to potentially vulnerable customers, especially in sectors such as tourism, hospitality and airline, that have been heavily impacted by COVID-19.
“As of today, 98% of Bank Islam’s customers have resumed servicing their financing commitment after September 2020. The repayments ensure that more liquidity and resources will be available for Bank Islam to continue providing aid to other individuals and businesses.
“Bank Islam assures continued banking services will remain accessible via virtual and online banking platforms throughout the Conditional Movement Control Order (CMCO) period to meet customers’ banking needs.”
Alternatively, customers could call the bank’s Contact Centre at 03- 26 900 900 or visit www.bankislam.com/COVID-19 to apply for the bank’s post-moratorium repayment assistance or for further information.