Strong Islamic banking push within Affin group. [Newspaper] (2024)
Abstract
AFFIN Bank Bhd expects its wholly-owned Islamic banking subsidiary, Affin Islamic Bank Bhd (AIBB), to account for at least half of the group’s overall bottom line by the end of 2028. This is in line with a concerted effort by the group to drive the Islamic business harder, AIBB’s CEO Datuk Syed Mashafuddin Syed Badarudin says. “By the end of 2028, we want to consistently contribute at least 50% of the group’s profit before tax. The contribution of our PBT after zakat to the group in the last few years has been at between 20% and 55%. In 2023, it will probably be more than half, but our target is for at least 50% consistently. I think that alone is good testament that the group is giving priority to Islamic financing,” he tells The Edge in his first interview since taking the helm in November 2022. AIBB’s earnings growth will be driven by its efforts since late last year to focus on higher-margin financing such as personal financing, education financing and certain types of secured financing, Syed Mashafuddin says.
| Item Type: | Newspaper |
|---|---|
| Keywords: | Islamic banking |
| Taxonomy: | By Niche > Islamic Banking > Banks and Banking > Accounting |
| Local Content Hub: | Niche > Islamic Banking |
| Depositing User: | Ilya Nur Fateen Othman |
| Date Deposited: | 28 Oct 2024 11:50 |
| Last Modified: | 28 Oct 2024 11:50 |
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