Yang Berbahagia Tan Sri Abdul Halim Ali, Chairman of MBSB launched MBSB newest branch in Sitiawan, Perak today, marking a total of 29 branches in operation throughout Malaysia.
The opening of MBSB Sitiawan is in line with the company's expansion program to open more new branches this year. MBSB has opened three branches in the first and second quarter of 2008 in Taiping, Kangar and Sandakan. Before end of quarter 2008, MBSB has open new branches in Kemaman, Sitiawan and Tawau.
According to Tan Sri Abdul Halim, the opening of the new branch demonstrates the Group's commitment to further enhance it's activities and to serve its customers in Setiawan and its surrounding areas. He added, "The present management of MBSB is focusing its business in retail sector while maintaining our core business in property financing. This is in line with MBSB corporate vision on enhancing its shareholders value."
During the launching, Tan Sri Abdul Halim also announced MBSB's new product "MBSB PartnerHome-i" based on syariah concept "Musharakah Mutanaqisah". "MBSB PartnerHome-i" is a form of partnership whereby customers and MBSB jointly buy and own a property. Thus, the customer and MBSB will share the ownership and each of them will get a percentage ownership based on the capital amount contributed by both parties.
MBSB will lease its part to customers and through monthly installment which have been agreed within both parties, customers will get full ownership of the property from MBSB. "MBSB PartnerHome-i" offers partnership contract up to 95% including Takaful with a maximum contract period up to 30 years.
" MBSB PartnerHome-i" which is launch today will be in the market on January 2009. Special features of this product is it helps customers to own property without have to pay extra compares to other Islamic financing which based on Bai Bithaman Ajil (BBA).
YBhg Tan Sri Abdul Halim also announced the growth of MBSB Islamic banking operations, which registered encouraging growth of 12.7% from December 2007 until September 2008.
For the first quarter of year 2008, MBSB have achieved RM19.6 million profit before tax compares to only RM4.86 million for the first quarter last year. For the second quarter this year MBSB have gain a profit before tax of RM33.8 million.
Apart from its core business in property financing, MBSB is also going strong in the Personal Financing segment and corporate loan emphasizing on small-scale development. In addition, MBSB continuously developing new Islamic products. For example during the launching of Sitiawan Branch, MBSB has introduced a new product "MBSB PartnerHome-I" based on "Musharakah Mutabaqisah". MBSB also make a strategic alliance with other company.
MBSB is also seriously looking into series of transformation initiatives as being part of GLCs. A few initiatives have been implemented to drive the business as per GLCs guidelines. Among others, MBSB is embarking on integrated purchasing for bulk discounts and outsourcing option as means of saving
further its operation cost coupled with increasing efficiency on its internal process.