Study on postal banks

Bank Muamalat Malaysia Bhd (BMMB) is in talks with Pos Malaysia Bhd about a possible collaboration in setting up a postal bank network.

BMMB chief executive officer Datuk Mohd Redza Shah Abdul Wahid said the Islamic financial institution was studying postal bank models in countries such as New Zealand, Singapore and Switzerland.

“We are talking to Pos Malaysia on how we can work together. The postal service is a natural extension in terms of banking services. For example, we can take deposits and provide remittance services,” Redza said yesterday after launching the first Bank Muamalat kiosk at the Giant hypermarket in Kemuning Utama.



The kiosk, which offers services ranging from opening of current and savings accounts to retail, home, vehicle and structured personal financing, is open seven days a week, from 10am to 8pm.

BMMB chairman Tan Sri Dr Mohd Munir Abdul Majid said the volume of banking transactions at the kiosk was equivalent to some Bank Muamalat branches. “The kiosk has generated RM4mil to RM5mil in terms of business since it opened on May 23.”

A second kiosk is due to be opened at the Johor Baru Customs, Immigration and Quarantine (CIQ) complex in July.

“The kiosk is a de facto branch that offers convenience to customers as it is open beyond normal banking hours,” Munir added.

Redza said the bank was aiming to open a dozen such kiosks within the next two years. “Operating a kiosk is five or six times cheaper compared with operating a banking branch.”

BMMB is a unit of DRB-HICOM Bhd, which has a 70% stake in the Islamic lender.(The Star Online)