JOHOR BAHARU: OCBC Bank (Malaysia) Bhd’s Islamic banking subsidiary OCBC AI-Amin Bank Bhd officially opened its first branch in the southern region yesterday, consolidating OCBC’s position as a leading banking partner to individuals and businesses in Johor.

VAST POTENTIAL: Syed Abdul Aziz (left) and OCBC Bank (Malaysia) director and chief executive officer Jeffrey Chew Sun Teong launching the opening of OCBC Al-Amin Bank Berhad branch at Taman Sutera Utama, Skudai. —Bernama photo

Located in Jalan Sutera Tanjung 8/2, Taman Sutera Utama, Skudai, the branch marked OCBC Bank’s seventh branch in Johor, in addition to branches in Johor Baharu city centre, Taman Molek, Muar, Segamat, Kluang and Batu Pahat.

Introducing the OCBC AI-Amin Skudai branch, OCBC AI-Amin’s director and chief executive officer Syed Abdul Aziz Syed Kechik said the new operations in Johor would cater to the needs of individuals and businesses in both the immediate and surrounding areas by providing Syariah-compliant products and services.

“There remains vast potential in Johor with large number of businesses operating here and the presence of the Iskandar Malaysia in the vicinity illustrates the extent of the opportunities before us,” he said.

Syed Abdul Aziz said OCBC Al-Amin believed it could help catalyse the growth of industries such as engineering, plantation, electrical and electronics, education, information and communications technology (ICT), and retail tourism by providing innovative financial services.

He also announced the introduction of the bank’s latest offering called Diminishing Musharakah Asset Financing-i.

It is a financing product offered on a floating rate basis made available for corporate customers for financing of industrial and commercial properties.

The Diminishing Musharakah principle is a combination of two Syariah contracts, Musharakah and Ijarah, in which the bank and the customer will first jointly own the asset under the Musharakah contract.

The bank will subse­quently lease its share in the asset to the customer under the Ijarah contract.

As part of the opening celebrations, OCBC Al-Amin offered customers an attractive wealth management programme called Rezeki Dalam Genggaman, through which customers enjoy an indicative rate of 2.5 per cent per annum on a three-month General Investment Account-i and two per cent per annum hadiah (gift) for Savings Account-i.

Customers will also receive free gifts upon signing up for selected products. — Bernama