CIMB sees Islamic mortgages division increase in Q3

Mon, 21 Nov 2011
CIMB Group has announced a record net profit of 2.9 billion Malaysian ringgits (£580 million) for the first nine months of 2011.

This was in part due to an upsurge in its Islamic division, where there was a 28.4 per cent hike in activity, which represented 359 million Malaysian ringgits.

Shariah-compliant banking products continue to increase in popularity, as individuals begin to appreciate the potential advantages of using them.

Gross financing assets grew by 11.4 per cent in the Islamic division, which accounted for 13.7 per cent of all group loans .

On top of this, total deposits swelled by 17.8 per cent year-on-year to 25 billion Malaysian ringgits.

Dato' Sri Nazir Razak, chief executive of the CIMB Group - which has over 1,000 branches in Asia Pacific region - stated: "We posted another record quarter in net earnings in Q3, underpinned by the continued improvement at our Malaysian consumer banking operations."

He added that although they are still slightly behind their targets, the results are still pleasing considering the "deteriorating environment" the institution has to work within.
Salaam-u-Allaikum
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