Malaysia’s Islamic Banking Institutions to Continue Assistance on Repayment for COVID-19-Hit Customers: AIBIM

The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) has pledged support for customers who are affected by the COVID-19 pandemic and facing difficulties in repaying financing, according to a statement issued on the 12th of May 2021.

Why it Matters?

According to AIBIM, as of 26th of March 2021 under the Targeted Loan Repayment Assistance, banks had collectively approved over 95% of the 1.6 million applications received, which include applications for financing moratorium and reduction in monthly payments. Ratna Sha’erah Kamaludin, Executive Director of AIBIM, stated that a simple application process and documentation requirements had been developed to make it easier for customers to seek assistance, and that customers w...