Bank Islam targets 100,000 depositors for junior account

Bank Islam Malaysia Bhd expects to attract 100,000 depositors and deposits of RM50 million within the first year of the launch of Al-Awfar Junior Savings Account-i for young customers.

The consumer banking business contributes 70 per cent to Bank Islam's assets.

"With the launch of this new product, the bank expects a minimum growth of 15 per cent in its assets from RM9.2 billion last year," said general manager for consumer banking, Khairul Kamarudin.

He said Al-Awfar Junior would allow the bank to further expand its customer base to include the younger generation.

"With the introduction of the Al-Awfar Junior Savings Account-i, Bank Islam has taken a big step towards enhancing its position as the leader in the Islamic banking industry and ensuring that syariah-based financial products and services are available at every level," he said.

The full story is available at Bernama.