Bank Muamalat to attract more non-muslims

GEORGE TOWN: Bank Muamalat Malaysia Bhd will focus on
increasing the
number of non-Muslim customers as a proactive move to enhance the market
of various Islamic banking products and services which are increasing
drawing the attention of non-Muslims in Europe.

Chairman Tan Sri
Dr Mohd Munir Abdul Majid said: "There's nothing wrong with non-Muslims
using Islamic banking products and services. If we look at the
international level, they've started to show interest to use the Islamic
banking system.

"The Islamic banking system offers more
attractive services compared with those provided by conventional banks.
For example, the Ar-Rahnu Islamic pawnbroking service which is safer
and fair when compared with the other pawnbroking system."

Speaking
to reporters after opening Bank Muamalat's Lebuh Pantai branch here
today, he said the interpretation and use of accurate and correct terms
for a particular product or service offered in the Islamic banking
system was also an important element to attracting the interest of
non-Muslims to the system.

"May be the non-Muslims are quite
confused with the Arabic terms used in Islamic banking, may be the terms
should be translated into simple language like Ar-Rahnu is replaced
with Islamic pawnbroking.

"This alternative can possibly help increase the number of non-Muslims using the Islamic banking system," he said.

Mohd
Munir said that presently, the percentage of non-Muslims using Bank
Muamalat's services was 20 percent for the deposits segment and 40
percent for the financing segment.

He said the number of
non-Muslims using the Islamic banking system in Malaysia was still low
because they thought the system was only for the Muslims.

Bank Muamalat, which started operations 13 years ago, has 56 branches nationwide. -- BERNAMA