MBSB profit assisted by Islamic mortgages

Mon, 07 Nov 2011
Third-quarter profits at the Malaysia Building Society Berhad (MBSB) this year may have been assisted by an uptake in Islamic mortgages.

The organisation has revealed its revenues for the third three-month period of 2011 rocketed by 134.8 per cent year-on-year, The Star reports.

According to the group, higher income due to its Islamic banking operations, as well as greater conventional business net interest income and higher operating profits, have all been behind the upsurge.

MBSB explained its home loan product Mortgage Ultimate - which was launched at the tail-end of last year - has also enabled it to make significant advances in the high net worth segment.

Datuk Ahmad Zaini Othman, chief executive officer at the building society - a body that has a history tracing back to the Federal and Colonial Building Society, which was incorporated in 1950 - commented: "We are on the right trajectory and the transformation programme that we had embarked on almost three years ago is beginning to show positive results."

The industry figure added this trend is likely to continue until the end of 2011 at least.
Salaam-u-Allaikum
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