Kuala Lumpur, 20 May 2022
Hong Leong Islamic Bank Berhad (“HLISB” or the “Bank”) had revised the Islamic Base Rate (“IBR”) to 2.88% from 2.63% following the latest increase in Bank Negara Malaysia’s Overnight Policy Rate (“OPR”) by 25 bps.
Similarly, financing based on the Islamic Financing Rate (“IFR”) had also been revised to 5.89% from 5.64%.
These changes had taken effect from 17 May 2022.
During the course of the pandemic since January 2020, the Bank had reduced the IBR and IFR four times, with the last revision done on 10 July 2020 to provide assistance and support for households and businesses impacted by COVID-19, to help in their journey towards recovery as well as rebuilding their financial resiliency.
Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB said “With economic activities steadily resuming in Malaysia, supported by the continuous recovery in global economic and trade activities, some adjustments to the degree of monetary accommodation would help to avoid risks of financial instability by balancing both the need to grow the economy and keeping a check on a rapidly rising inflation rate.
“The revised rates are still competitive for investments and consumption in stimulating the Malaysian economy, particularly SME and Corporate customers who are looking to strengthen and expand their business.”