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Wednesday 12 Aug 2015 - 09:34 Makkah mean time-27-10-1436
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Kuala Lumpur, (IINA) - Bank Islam Malaysia Berhad is aiming to increase financing activities for infrastructure projects as it seeks to boost corporate business contribution from the current 24 percent to 30 percent of its revenue, The Star Online reported.
The bank on Tuesday signed a financing agreement for the construction of a 14MW mini hydroelectric power plant for Kerian Energy Sdn Bhd in Perak.
“This facility is the bank’s first syndicated project financing transaction for hydroelectric power plants,” said Bank Islam Managing Director Datuk Seri Zukri Samat at the event.
Bank Islam, the lead arranger, has raised RM121.44mil through syndicated Islamic financing facilities to finance construction of the plant, with Malaysia Debt Ventures Bhd as the co-financier.
Currently, there are 143 branches in operation. The bank is looking at opening branches in both rural and urban areas. At present, there are plans to open one or two branches in Kedah.
Zukri said Bank Islam’s financing-to-debt ratio grew by 24 percent last year.
For this year, he said the bank had set a more conservative target of a 15 percent financing-to-debt ratio growth in light of uncertainties in the economy.
SM/IINA
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