Bank Muamalat to open 3 branches in 2011

by **hlk** Mon 06 Jun 2011, 17:35

Bank Muamalat Malaysia Bhd plans to open three new branches to add to its existing network of 55, said its chief executive officer, Datuk Mohd Redza Shah Abdul Wahid.

For this year, however, he said Bank Muamalat would focus more on renovating existing branches as opposed to opening new ones.

He said this at a press conference after the launch of the "new look" Bank Muamalat branch at the Selangor State Development Corporation (PKNS) Complex by Shah Alam Mayor, Datuk Mohd Jaafar Mohd Atan, here today.

Mohd Redza said renovation of the branches would emphasise aspects of service to customers and the use of more machines for them to deposit cash and make other payments.

On the cost of renovation, he said for a big branch such as that at the PKNS Complex, it would entail about RM1 million and for others, in the range of RM700,000 each.

On the location of new branches, he said Shah Alam had potential due to the large number of customers from among students of public and private institutions of higher education apart from high demand for home financing.

As such he added, Bank Muamalat would look at areas such as Kota
Damansara and as suggested by the Mayor, Bukit Jelutong and Puncak Alam.

Other than new branches, Bank Muamalat would soon open a kiosk at the Kota Kemuning branch of the Giant hypermarket, with customers able to undertake various banking transactions and interact with one or two of its staff to be placed there.

Mohd Redza said discussions were underway with POS Malaysia Bhd to offer Bank Muamalat's services at post offices throughout the country.

"We may not have to open so many branches if the partnership with Pos Malaysia succeeds," he added.

He also disclosed that Bank Muamalat plans to introduce the Islamic pawn broking service, Ar-Rahnu, at its branch in Shah Alam in the near future. -- Bernama