ISLAMIC BANKING OPERATION -...

Strictly Private & Confidential

ISLAMIC BANKING OPERATION

Mohd Nazri Chik

Group Chief Shariah Officer

OUTLINE OF THE PRESENTATION

1. Development of Islamic Finance and Banking

2. Fundamentals of Islamic Banking Operation

3. Similarities and Differences Across Jurisdiction

4. Shariah Governance

5. Moving Forward

Shariah Centre of Excellence


Compliance to Shariah rules and principles in commercial transactions and wealth management is the reason to have Islamic financial system.

IFSA 2013 defines Shariah compliance as compliance to Shariah rules and principles as interpreted by the apex authority, Shariah Advisory Council of BNM.

SHARIAH IS THE BEDROCK OF ISLAMIC FINANCE

Islam

Aqidah Shariah

IbadahMu’amalah

Ammah

Munakahat Mu’amalat

Political activities

Economic activities

Banking activities

Social activities

Jinayat

Akhlak

Diagram: The position of banking activities within the holisticShariah framework


ISLAMIC BANKING IS PART OF THE ECONOMIC SYSTEM

Economy System

Financial System

Banking System

A system of production and exchange

of goods and services as well as

allocation of resources in a society.A system that enables surplus units (lenders) and deficit units (borrowers) to exchange funds).A group or network of institutions that play

the role of financial intermediaries. These institutions operate a payment system, providing loans, taking deposits, and helping with investments.

Likewise conventional finance, IF deals with resource allocation, management, acquisition and investment and built upon unique characteristics which are based on rules and principles of Shariah.

Banking System & Financial Intermediaries

Capital Market

Indirect Funding

Direct Funding

REAL SECTORFINANCIAL SECTORREAL SECTOR

Surplus Units Deficit Units

Households Corporate Government Foreign Investor

Households Corporate Government Foreign Investor

Source: Adopted from Professor Dr Obiyathulla Ismath Bacha (2010)


ISLAMIC BANKING IS PART OF THE INTEGRATED ISLAMIC FINANCIAL SYSTEM IN MALAYSIA

Islamic Banking Takaful/ Re-Takaful

Islamic Interbank Money Market

Islamic Asset/ Fund

Management

Islamic Capital Market

Islamic financing

Islamic deposit

Islamic investment account

Takaful/ Re-Takaful products

Takaful investments - linked

Islamic Profit Rate Swap

Islamic Foreign Exchange Swap

Islamic Cross Currency Swap

Shariah CompliantSecurities

Islamic Unit Trust

Islamic REITs

Islamic Stockbroking

Islamic Indexes

Sukuk

Islamic Medium Term Notes

Islamic Commercial Papers

Exchangeable Sukuk

Derivatives Equity Debt

Social net/ Financial Inclusion Zakat Waqf Islamic micro finance

Cooperative Institutions


EVOLUTION OF ISLAMIC BANKING IN MALAYSIA

1963 1980 1983 1984 1991 1993 1997 1999 2003 2007 2010s 2016

LembagaTabung Hajiestablished (Pilgrimage Investment and Management Fund Board)

National StreeringCommittee to establish Islamic bank established

Bank Islam began its operation on 1 July 1983

Bank Islam listed on KLSE

Seminar on Ummah Economic Development (1980) proposes establishment of an Islamic bank.

Malaysia passes Islamic Banking Act 1983 to allow establishment of Bank Islam Malaysia

Interest Free Banking Scheme introduced (1993) and later replaced with Islamic Banking Scheme

Takaful Malaysia –first Takaful company established as the subsidiary of Bank Islam

BNM established National ShariahAdvisory Council

Second full fledged Islamic bank, Bank Muamalat started its operation.

Islamic Interbank Money Market established

Liberation of Islamic banking industry –issuance of 3 licenses to foreign banks

Malaysia International Islamic Financial Centre (MIFC) initiative launched

Total assets of Takaful industry amounted to USD240.2 mil, with market penetration of 7.5%

Islamic banking assets reached USD72.5 billion with an average growth rate of 20% annually

New Islamic Financial Services Act (IFSA) passed by the Parliament (2012)






5. Moving Forward



ISLAMIC BANK CONTINUES TO BECOME AN "INTERMEDIARY"

Definition of Bank (Wikipedia) Islamic Bank (IBA 1983)

“A bank is a financial institution and a financial intermediarythat accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank is the connection between customers that have capital deficits and customers with capital surpluses.”

“banking business whose aims and operations do not involve any element which is not approved by the religion of Islam…”

Banking business; taking deposit financing

which is: based on nominated Shariah contracts

and acceptable arrangements promotes mutual agreement (taradhi) –

disclosure & value based Halal and ethical


RIBA IS THE MAIN ISSUE OF CONVENTIONAL BANKING

FUNDING STRUCTURE OF ISLAMIC BANK – POST IFSA 2013

Deposits Investment Accounts Shareholders’ Funds

Current Account

Savings Account

Term Deposit

Unrestricted Investment

Account

Restricted Investment

Account

Paid Up Capital

Retained Earnings

Others


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PRODUCTS: WHAT MAKES IB DIFFERS FROM CONVENTIONAL?

Elimination of Prohibitions – Riba,

Ghahar, Maysir

Principle/ contract (‘aqd) based –

Compliance to tenets

Ethical – Disclosure, Mutual Consent

Dealing on the “financed asset” first. Tawarruq/ Inah later.

Financing Halal Activities

Pricing is business call

Ethical ways in dealing with defaulters

Assisting in developing social welfare sector –

zakat, waqf, sadaqah

Consider other Shariah requirements – Islamic way of life,

zakat

FUNDAMENTALS OF ISLAMIC BANKING INNOVATION


Source: Bank Negara Malaysia

ECONOMIC BENEFIT

Product Development

HOUSE FINANCING

Murabahah for the Purchase Orderer

Ijarah or IMBT

Diminishing Musharakah

Istisna’ or Parallel Istisna’

Principle based

Various contracts can be utilized in devising products

To consider regulatory, legal, operation, tax, accounting factors in deciding the best structure.

Once used, the very rules and principles of the applied Shariahcontracts must be observed.

PRODUCT INNOVATION IN ISLAMIC BANKING


1970’s 1980’s 1990’s 2000’s 2005+

CommercialBanking

CommercialBanking

Retail – Deposit, House and Vehicle Finance

Project Finance and Syndication

Trade Finance

CommercialBanking



Trade Finance

Equity

Leasing (Ijarah)

CommercialBanking



Trade Finance

Equity

Leasing (Ijarah)

Sukuk (Bonds)

Credit Card

Structured Alternative Assets

CommercialBanking



Trade Finance

Equity

Leasing (Ijarah)

Sukuk (Bonds)

Credit Card

Structured Alternative Assets

Hedging & Liquidity Mgmt

Simple structure to cater business and retail needs

Customer-driven structure/ products

Cost eaffective structure to compete in the competitive market

EXAMPLE: VEHICLE FINANCING MURABAHAH


Biggest portfolio

of Islamic bank

around the globe

and simplest

structure of

Islamic financing.

Cost plus.

TAWARRUQ: ASSET FINANCING? CASH FINANCING?


Tawarruq based

Applied widely,

despite of

difference

structure

especially on the

selling of asset

back to the

market.

Cash financing –

Like Bai’ Inah,

Tawarruq is the

basic structure for

business financing

and overdraft/

covered drawing.

1. Customer identifies asset for rental

2. Customer requests the bank to acquire

the identified asset to be leased.

3. Bank purchases the asset

and pays in cash to the

vendor.

4. Bank rents the asset to the customer

at an agreed rental rate and tenure .

5. On maturity:

(i)Ijarah – Bank may extend the lease period or asset can be returned to the Bank or purchased by

customer.

(ii)IMBT – the ownership of the asset should be transfered to the customer either by sale or gift.

IJARAH (LEASE)

• Servicing Agreement to manage major maintenance inclusive takaful . Amount will be

set off during final installment.

16

CUSTOMER

SUPPLIER


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http://web.bankislam.com.my/promo/default.html

http://www.google.com/url?q=http://www.diacentre.net/User/companyprofile.aspx&sa=U&ei=kTsUU5bQI8OJrQeJqoGwBA&ved=0CDIQ9QEwAg&usg=AFQjCNE0EsGMTwA8J6aaWAIuCPGBL2FT4A

FACILITATING TRADE REQUIREMENTS

17

WHAT IS TRADE?

Involves two parties; the buyer and the seller. The buyer agrees to pay in return for a specific

asset. The seller agrees to provide the asset in

consideration of money that he will receive.

ROLE OF ISLAMIC BANKS IN TRADE

Effect payment Custodian of payment Intermediary for buyer and seller Implement exchange control regulation Finance importers Finance exporters


TRADE FINANCE – TRADE SETTLEMENT AND LEVEL OF RISK

18

Cash in Advance/ Cash

Before Shipment

Letter of Credit

(Confirmed/ Advised)

On CollectionBasis

Open Account Consignment

Exporter’s Level of Risk

Importer’s Level of Risk

Cash in Advance: Payment is effected before shipment.

Letter of Credit: Undertaking by a bank to effect payment on behalf of the buyer if terms of the LC is complied with

On Collection Basis: Exporter/ Seller uses a bank to collect payment.

Open Account: Both parties are involved in buying and selling of each other’s products. Each sale will be recorded in a ledger and the amount will be contra off at the end of the month.

Consignment Basis: Buyer to receive goods before payment and remit proceeds upon sale.


TRADE FINANCE – PRODUCT OFFERINGS

19Shariah Division

IMPORT/PURCHASE FINANCING EXPORT/ SALE FINANCING

Documentary Credit

Letter of Credit (Wakalah)

Letter of Credit (Murabahah)

Letter of Credit (Musharakah)

Shipping Guarantee

Murabahah Working Capital

Islamic Bankers Acceptance

Foreign Inwards Bills for Collection (FIBC-

i)

Domestic Inwards Bills for Collection

(DIBC-i)

Inward Letter of Credit

Islamic Factoring (Bay’ al-Dayn)

Accepted Bills-i (Bay’ al-Dayn)

Islamic Bankers Acceptance

Islamic Credit Export Financing

Islamic Export Credit Re-financing (Pre-

Shipment)

Islamic Export Credit Re-financing (Post-

Shipment)

Accepted Bills-i

Foreign Outward Bills for Collection-I

Domestic Outward Bills for Collection-i

Debt Trading Working Capital Financing

Istisna’ Sale Financing

Islamic Factoring (Bay’ al-Dayn Bil-

Sila’)

MURABAHAH: TWCF PURCHASE

1. Customer purchases the goods

from the supplier as bank’s

purchasing agent (pursuant to

appointment of agent in the

Trade Financing Agreement).

2. Supplier then supply the goods

the customer.

3. Bank settles the purchases price

to the supplier on cash basis.

4. Bank sells the goods to the

customer on deferred payment

basis (murabahah).

5. Customer pays the bank’s

selling price on maturity.

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4

5

SCR Masterclass for Board of Directors 20

CUSTOMER (BUYER)

SUPPLIERIssue: Financing of perishable goods and services –

SSC has approved application of Tawarruq.




BAY’ AL-DAYN (SALE OF DEBT)

SCR Masterclass for Board of Directors 21

1 April 2012 (Wa’ad -

Promise)1 Jun 2012

(Sarf)

Customer exports goods to USA

worth USD1,000,000

Exchange rate USD1 = RM3

Trade term – payment in 60 days

Bank promises that should the

customer bring USD1,000,000 on 1

Jun 2012, Bank will purchase at

RM3,000,000

If USD1 > RM3 (e.g. RM3.50),

Customer sells USD1,000,000 into

the market and receives

RM3,500,000.

If USD1 < RM3 (e.g. RM2.50),

Customer will ask the Bank to

honour its promise and purchase at

RM3,000,000

BAY’ AL-SARF: FX FORWARD (PURSUANT TO WA’AD)

22Shariah Centre of Excellence

BENEFITS OF RELATIONSHIP: BANK ISLAM

23

NO BENEFIT

1 Package financing – Discounted financing rate for employees of selected

companies.

2 Investment Account – Return based on the performance of the tagged assets.

3 Financing – No element of compounding finance charges

4 Financing – Available in both floating and fixed rate. For floating, the rates

fluctuations is capped at a ceiling rate via selling price and profit margin.

5 Financing – No commitment fee over unutilized amount (RC-i and Cash Line-i).

6 Financing – Stamp duty exempted (refinancing/ conversion of conventional loan)

7 Financing – 20% discount on stamp duty for perfecting the bank’s security

documents.

8 Financing (house) – Payment holiday program for house financing

9 Social welfare – Supporting payment of zakat business and its asnaf

development program (AMAL Bank Islam) as well as Waqf development projects.

10 Conversion to Shariah compliant – Bank Islam can assist conversion of

financial institutions to become Shariah compliant.


SHARIAH PARAMETER ON PRICE AND PROFIT


A sale must be of mutual consent ( إن البيع This includes .(عن تراضthe price (principal +

profit).

The price (principal + profit) must be agreed at

the inception of the contract.

Price can be paid during the contract and on

deferred basis.

No additional amount to be imposed due to

extension of payment period. Otherwise, it is a

practice riba al-jahiliyyah.

There is no Shariahrequirement that the profit should not be

more than 100% of the principal.

It is not compulsory to disclose the profit

computation method to the buyer (murabahah

vs musawamah)

It is recommended for the seller be eased in

selling things ( ًرحم هللا عبداسمحاً إذا باع، سمحاً إذا اشترى،

(سمحاً إذا اقتضى

EXAMPLE: "VARIABLE RATE" – ISLAMIC BANKING IS EXPENSIVE?


Application of wa’ad (unilateral promise) to give ibra’ (rebate) in structuring variable rate

financing.


Selling Price:

RM365,136

ContractedProfit Rate (CPR):

9.0%

EffectiveProfit Rate (EPR):

3.5% (prevailingrate at point of contract).

Financing Period:

180 months (15 years)

Cost of Purchase (Principal):

RM200,000

InstalmentMode:

Monthly –Instalment amount according to EPR.

EXAMPLE: "VARIABLE RATE" – ISLAMIC BANKING IS EXPENSIVE?

HOW ISLAMIC BANKS MANAGE DEFAULTERS – TA'WIDH


“Compounding interest” in conventional

banking is “riba Jahiliyyah” ( أتقضي أم تربي)

Computation of ta’widh is not severe as

the prohibited compounding interest.

SAC of BNM has allowed the bank to impose ta’widh

on a defaulting customer subject to the following

conditions:

1.The amount cannot exceed the actual loss suffered

by the bank.

2.The determination of compensation is made by a

third party, which is BNM.

3.The default of payment is due to negligence on the

part of the customer.

FACT FROM BANK ISLAM'S INCOME STATEMENT (SEPT15)


As at 31st December 2016, 92% of Bank Islam’s business fund comes from “depositors”

Profit attributed to

depositors (PATD)

CHALLENGING ENVIRONMENT IN MALAYSIA


Margin is depressing (cost of fund is getting higher YOY).

Average assets and liabilities rates are “much” LOWER than Pakistan, Sri Lanka,

Bangladesh, Indonesia; but HIGHER than Singapore (0.5% liabilities and 3.5% assets)






5. Moving Forward


SIMILARITIES ACROSS JURISDICTIONS


Deposit taking activities, more or less, are similar

e.g. Mudharabah, Wadi’ah/ Qard, Wakalah and Reverse

Tawarruq

Shariah scholars influence the framework and set-up (banking concept) applied

by Islamic banks

Structures adopted by all jurisdictions – Murabahah, Musawamah, Musharakah, Mudarabah, Wakalah and

Ijarah

Despite issues in Tawarruq, all jurisdictions accept the

structure as a liquidity management instrument

Following the AAOIFI decree in 2008, most of

the sukuk issued are SukukIjarah, Trust Sukuk and

Wakalah Sukuk

DIFFERENCES ACROSS JURISDICTIONS


IRAN SUDAN & SAUDI ARABIA

SOUTH ASIA GCC & EUROPE SOUTH EAST ASIA

MAZAHIB Shi’ah Maliki (Sudan), Hanbali(SA)

Sunni Hanafi Sunni Hanbali Sunni Shafi`i

BANKING SYSTEM

Single banking system

- Single (Sudan)- Dual (SA)

Dual banking system Dual banking system Dual banking system

SHARIAH GOVERNANCE

Centralized Centralized (Sudan) and self governed (Saudi)

Hybrid (centralized & self governed)

Self governed except UAE (hybrid)

Centralized (Malaysia, Brunei & Indonesia) only

ISSUES ON SHARIAH CONTRACTS

Tawarruq restricted for liquidity

- Tawarruq restricted for liquidity- Salam on currency (Bill acceptance)

Tawarruq widely applied (except for banks supervised by Sheikh Husain–replaced by Salaam)

- Bai` `Inah & Bai` Dayn- Tawarruq widely applied

FINANCING - More on equity & lease based.

- Equity & Salam especially on agriculture (Sudan)- Lease on property financing- No personal “cash”financing facilities (Sudan)- No “revolving credit card”, only charge card

- MM (property) & Ijarah (vehicle) - Restricted “cash”financing facilities- No “revolving credit card”, only charge card (except Standard Chartered Saadiq)- Running Musharakah for working capital

- Large Ijarahproperty financing portfolio- Small equity portfolio

- Debt & lease based financing- Small equity portfolio






5. Moving Forward


POST IFSA 2013 – SHARIAH GOVERNANCE

Issued in 2010 and formulized in the IFSA 2013.

Principles based approach.

BNM illustrated a “model”

Clear roles and responsibilities on key organs of IFIs – Board of Directors, Shariah Committee, Management, internal compliance functions.


POST IFSA 2013 - SHARIAH CONTRACT-BASED REGULATORY FRAMEWORK


Source: Bank Negara Malaysia

Enhance certainty on Shariah requirements & strengthen compliance with Shariah

Promote efficient product development & minimise Shariah validation process

Drive consistent market practices & improve stakeholders’ understanding

SHARIAH STANDARDS






5. Moving Forward


1. Customer identifies asset for rental

2. Customer requests the bank to acquire

the identified asset to be leased.

3. Bank purchases the asset

and pays in cash to the

vendor.

4. Bank rents the asset to the customer

at an agreed rental rate and tenure .

5. On maturity:

(i)Ijarah – Bank may extend the lease period or asset can be returned to the Bank or purchased by

customer.

(ii)IMBT – the ownership of the asset should be transfered to the customer either by sale or gift.

1/ ENLARGING IJARAH PORTFOLIO – EQUIPMENT FINANCE

• Servicing Agreement to manage major maintenance inclusive takaful . Amount will be

set off during final installment.

37

CUSTOMER

SUPPLIER





2/ IJARAH FOR WORKING CAPITAL

IMBT (sale and lease back) may be used

for “working capital” financing.

Alternative to Tawarruq

Customer must own the property and is

ready to sell it to the Bank for subsequent

lease to him.

The purchase price paid by the Bank is the

financing amount.

Other structure is similar to ordinary IMBT:

Lease Agreement

Servicing Agreement/ Service Agency

Agreement

Purchase Undertaking (by the

customer – default/ early settlement)

Sale Undertaking (by the Bank –

maturity).

IMBT (even for property financing) is

commercially as attractive as current BBA/

Inah based financing.

Issues to be resolved:

Settlement formula upon customer ’ s

default (PU exercise price).

Maintenance cost must be reimbursed

to the lessees, subject to submission of

records.


3/ IJARAH AL-KHADAMAT TO FINANCE SERVICES

To reduce reliance on Commodity Murabahah to finance personal consumption of the customer and

payment for services, Ijarah al-Khadamaat can be a solution:

Product requires collaboration with service providers:

Education financing – with university and colleges.

Medical financing – with hospitals and health centres.

Travel, hajj and umrah financing – with travel agencies.

Product structure is similar to Murabahah for the Purchase Orderer (MPO) as the Bank purchases

the services and “leases” / “sells” it to the customer on deferred payment basis.


4/ ISTISNA’ TO FINANCE PURCHASE

In Malaysia, Istisna’ is always misunderstood as applicable only for project financing

and financing of “properties” under construction.

Our Istisna’ Project Financing-i is still pending at Shariah Advisory Council of BNM

(pending finalisation of Shariah Standard of Istisna’ and Wakalah by BNM).

40

CUSTOMER

CONTRACTOR





For Trade products, an

Istisna’ credit line may be

created and the customer

is to request for Istisna’

drawdown upon getting

request from the buyer.

Credit enhancement:

Only for approved

buyer

Guarantee from the

customer on the

payment performance

of the buyer.

5/ ISTISNA’ (SALE)


6/ MUSHARAKAH: ASSET & WORKING CAPITAL

BNM encourages IB players to enlarge

their Musharakah and Mudharabah

based portfolio.

Musharakah is not only about project

financing and property financing, but it

can be used for “working capital”

financing.

Mechanism – Bank is to invest in the

property owned by the customer by

purchasing shares of the customer. The

purchase value of the shares is the

financing amount.

Subsequent arrangement is to use the

engine of Musharakah Mutanaqisah for

property financing.


43

6/ DIMINISHING MUSHARAKAH (SCHEDULE)


INVESTMENT ACCOUNT PLATFORM: A NEW MARKETPLACE


IAP is a multi-bank platform to facilitate channelling of funds from individual and institutional investors to finance viable ventures

intermediated by participating Islamic banks via Restricted Investment Account as governed under IFSA and DFIA

• Initiated by IMAM – Bank Islam, Maybank Islamic, Affin Islamic & Bank Muamalat

• Objective - to attract participation from individual and institutional investors to boost

development of SMEs through a funding system which is efficient, simple and

transparent.

• Profit earned by individual investors from investments made through IAP be accorded an

income tax exemption.

• Investors can channel their funds to finance targeted industries of his choice

• All investment requests made by investors will be subject to suitability assessment

conducted by banks

• IAP will provide robust disclosure regime to facilitate informed decision making by

investors as well as to support monitoring of their investment

• Operate on secured internet-based architecture to allow wide outreach, including cross-

border investors.

What is

IAP?

Major

features

INVESTMENT ACCOUNT PLATFORM: A NEW MARKETPLACE


…an investment Intermediary instead of Trading Exchange

… sound like a regulated crowd funding

… similar to initial public offering

- over or under subscription …also similar concept to retail sukuk

… gateway for financial inclusion

… just imagine a

“Covered Sukuk”

Funds from RIA is to

finance venture

Provide funding through

opening of RIA with

participating banks using IAP

POTENTIAL

INVESTORS /

IA HOLDERS

VENTURES

ISLAMIC BANKRestricted Investment

Account

1st leg 2nd leg

DEVELOPS THE SOCIAL WELFARE – MENARA BANK ISLAM


The 1.2 acre land at JalanPerak, Kuala Lumpur City Centre was endowed by Ahmad Dawjee Dadabhoy, a Gujerati trader to MAIWP.

Synergy between the 4 (four) parties to develop a 34 stories Class A commercial building with GDV of RM151 mil.

BOT structure. Becomes the most

expensive waqf asset in Malaysia.

A mosque on the Basement 1 and 2 – weekly Jumaatprayers and collecting RM100,000 donation monthly. Intention to build a tahfiz college using the Jumaat contribution.

25 year lease.

RM56.6 mil. To

return the building

after 25 years

Construct the

building. RM151

million

25 years lease as

the HQ of Bank

Islam

DEVELOPS THE SOCIAL WELFARE – END FINANCING


Resolve the issue of waqf asset cannot be sold by applying Tawarruq structure to “pay the rental” of the house.

Already implemented – Taman Wakaf Seetee Aisyah, Penang.

MODUS OPERANDI

1. MAIN appoints the Developer (UDA Land)

2. Develop develops the Project

3. Upon completion, the Developer handover the Project to MAIN (as the Lessor).

4. MAIN leases out the assets to Lessee/ Customer. Lease Agreement is registered in the Land Office.

5. Lessee applies for Tawarruq end financing from the Bank in order to pay the rental to MAIN. The Lease is charged to the Bank.

6. Bank disburses the fund to the Developer based on the performance of the project.

7. Lessee/ Customer pays the Murabahah Sale Price to the Bank (installment)

8. If the Lessee/ Customer fails to pay installement, Bank will sell the Lease to a New Lessee (auction)

NEW LESSEE

CUSTOMER/ LESSEE

(PURCHASER)

6

7

1

32

4

8

5

DEVELOPS THE SOCIAL WELFARE - WAFQ


Cash Waqf Account

Manage the

fund

Distribution to

establishment

and operation

3

Endowment/ donation

via Islamic Credit Card,

ATM, CDM, CQM, iTAP,

e-Channel.

Bank Islam latest

project to develop

religious school in

Perlis – Collected

>RM0.5 mil within two

months.

Donor

(Waqif)

2

1

PROJECTS

1. Schools

2. Old folk care house

3. Commercial building

Value-Based Organization

MOHD NAZRI CHIK

Group Chief Shariah Officer, BIMB Holdings Berhad

Chief Shariah Officer, Bank Islam Malaysia Berhad

Email: [email protected]

Tel: +603 2088 8053

Mobile: +6019 338 0047

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