AmIslamic eyes 15% growth in personal loans

KUALA LUMPUR: AmIslamic Bank Bhd is targeting 15% growth in personal financing for its next financial year ending March 31, 2009, chief executive officer Ahmad Zaini Othman said.

“We have already hit RM1bil (in personal financing) for our current financial year,” he told reporters after the bank's Personal Financing-I “Win-A-Car Contest” prize-giving ceremony yesterday.

He said that using its current level (of RM1bil) as a benchmark, AmIslamic was capable of achieving the 15% growth next year.

For its “Win-A-Car Contest” which was held from June 15 to Sept 30, AmIslamic disbursed RM250mil in personal financing.

“We exceeded our original sales target of RM180mil by over 30%,” Ahmad Zaini said.

He said the contest was targeted at Government employees, as the product was linked to various Government cooperatives.

Looking ahead, Ahmad Zaini said the group planned to roll out 10 to 12 (conventional and Islamic) products over the next few years.

On the outlook for personal financing, he expects the market to become more competitive in the coming years.

He added that AmIslamic would continue to maintain its market share of 7% to 8% for personal financing.

Moving forward, Ahmad Zaini said the group planned to open more branches in Selangor and the East Coast.