Company Overview of Bank Muamalat Malaysia Berhad
Bank Muamalat Malaysia Berhad provides Islamic banking and related financial services in Malaysia. It operates through three segments: Business Banking, Consumer Banking, and Treasury and Investment Banking. The Business Banking segment provides various products and services, including long-term financing, such as project financing; short-term credit comprising Muamalat cash line and trade financing; and fee based services that include cash management services to business customers in large corporates, public sector, and commercial enterprises. The Consumer Banking segment offers savings accounts, current accounts, general investment accounts, remittance services, Internet banking services, ...
21 Jalan Melaka
Kuala Lumpur, 50100
Key Executives for Bank Muamalat Malaysia Berhad
Chief Executive Officer and Director
Executive Vice President of Finance Division
Deputy Chief Executive Officer
Executive Vice President of Credit Division
Compensation as of Fiscal Year 2015.
Bank Muamalat Malaysia Berhad Key Developments
Merger Talks Of Bank Muamalat And MBSB Going Smoothly
Feb 4 16
The merger negotiations between Bank Muamalat Malaysia Berhad and Malaysia Building Society Bhd (KLSE:MBSB) are going very well. Tan Sri Dr Munir Majid, Chairman of Bank Mualmalat said that the talks are going very smoothly, there was no conclusion yet but the progress, thus far, was good. He also added, "We will still have to report to Bank Negara on what we have achieved by year-end, after which we will proceed to the next stage." The central bank required the merger negotiations to be finalized within three months from the date of the approval.
DRB-Hicom Scraps Plan To Merge Bank Unit With Malaysia Building Society
Feb 2 16
A proposal to merge Bank Muamalat Malaysia Berhad and Malaysia Building Society Bhd (KLSE:MBSB) has been scrapped after the companies failed to agree to the deal's terms. The parties involved have not been able to reach an agreement on the terms and conditions of the proposed merger after a series of discussions that began in September last year, DRB-HICOM Berhad (KLSE:DRBHCOM) said in an exchange filing. "Accordingly, the parties have mutually agreed to end discussions and will not proceed with the proposed merger," it added. Muamalat is 70%-owned by DRB-HICOM with the remaining 30% held by Khazanah Nasional Berhad. Employees Provident Fund of Malaysia meanwhile owns a 65% stake in MBSB. DRB-HICOM and Malaysia Building Society were given until Tuesday to conclude the merger talks after the lenders secured the central bank's approval to extend the initial deadline of December 30. "All parties have diligently been working towards formulating a position that would best strengthen the new merged entity as well as serve the best interests of all shareholders," Malaysia Building Society's chief executive Ahmad Zaini Othman said in a statement. "Unfortunately despite these efforts, we were not able to commonly agree on that position."
MBSB And Muamalat Malaysia Talks May Reportedly End
Jan 25 16
Talks between Malaysia Building Society Bhd (KLSE:MBSB) and Bank Muamalat Malaysia Berhad may come to an end. According to the news report, the talks to create a stand-alone Islamic entity seem to have hit a snag and the merger may even be called off. The Edge quoted sources as saying, “They're not calling it a day yet. But with just a few days left and neither side looking ready to budge, it's likely that the merger plan will be aborted”. Bank Negara Malaysia (BNM) recently approved their requests for a one-month extension to February 2, 2016 to conclude negotiations after they failed to do so within the stipulated three-month period to December 2015. According to the report, it is understood that February 2, 2016 is the final extension that BNM is giving them. One source said that the parties involved have not been able to agree on valuations as Bank Muamalat's 70% shareholder DRB-HICOM Berhad (KLSE:DRBHCOM) is expecting an ‘unreasonably high’ valuation for its unit. The sources further added that it was initially expected that the shareholding structure of the merged entity would be such that the Employees Provident Fund of Malaysia (EPF) ends up as the largest shareholder with a 40% stake, followed by DRB-Hicom with slightly less than 30% and Khazanah Nasional Berhad, which owns the remaining 30% stake in Bank Muamalat, about 10%. But DRB-Hicom has indicated that it wants a larger shareholding and at least equal control with the EPF. The report further added that should they decide to call off the merger, both MBSB and Bank Muamalat will have to go back to the drawing board with regard to their future.
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