August 25, 2009

AFFIN ISLAMIC ROLLS OUT NEW FOREIGN CURRENCY DEPOSIT PRODUCT

KUALA LUMPUR, Tue (August 25, 2009): Affin Islamic Bank Berhad (AFFIN ISLAMIC), a wholly-owned subsidiary of Affin Bank Berhad (AFFINBANK), today launched a new Shariah-based foreign currency deposit product called AFFIN ISLAMIC Foreign Currency Account-i (FCA-i), making it one of the first few Islamic banks in Malaysia to offer to corporate and retail customers to date.

AFFIN ISLAMIC FCA-i is a foreign currency account based on Mudharabah orprofit-sharing principle.

"We are pleased to be one of the first Islamic banks in the country to respond to the government's initiative, spearheaded by the Malaysia International Islamic Financial Centre (MIFC), to strengthen the country's position as an international Islamic financial hub," said En. Kamarul Ariffin Mohd Jamil, Chief Executive Officer, AFFIN ISLAMIC.

"This product reflects our ability to fulfil the needs of our customers as well as that of the government. We are optimistic that Malaysia's leadership role in Islamic finance will be further strengthened with the launch of AFFIN ISLAMIC FCA-i," Kamarul added.

The launch of AFFIN ISLAMIC FCA-i reflects the Bank's understanding of the needs of the market in its quest to offer a complete range of innovative Shariah-based products and services.

AFFIN ISLAMIC FCA-i is a product rolled out under its International Currency Business Unit (ICBU), a growing segment within the Bank, set up in line with the opportunities and initiatives offered by the government under the ambit of MIFC.

To open an AFFIN ISLAMIC FCA-i account, a customer needs to place an initial deposit of USD1,000.00 or its equivalent in other major currencies obtained from export proceeds, receivables, education or employment needs.