Bank Islam Malaysia Berhad
was established in 1983 as Malaysia's first Islamic bank.
Bank Islam Malaysia Berhad (4) The Islamic Banking Act, 1983, modelled after the Banking Act, 1973, provides for interest-free banking operations.
The paper examines in detail the role of two major profit-oriented Islamic financial institutions in Malaysia: Bank Islam Malaysia Berhad and 'Tabung Haji'.
In evaluating the performance of these Islamic banks, the authors contend that Bank Islam Malaysia Berhad accepts deposits on the principle of the distribution of profits on the Bank's own discretion: it invests them for the period from one month to five years and beyond under the principle of mudarabah.
RAM Ratings has reaffirmed the A1/Stable/P1 financial institution ratings of Malaysia's first Islamic bank, Bank Islam Malaysia Berhad
Other financial institutions represented on its board include Bank Islam Malaysia Berhad
, Bank Muamalat Indonesia, EIIB, Standard Chartered Bank Saadiq, NBK, KFH, Calyon and ABC Islamic.
Presently he Chairs the Board of Directors at Acacia Investments BSC in Bahrain, and is a Board Director at Dubai International Capital LLC, Bank Islam Malaysia Berhad
, and Takaful Re Limited.
Capital Intelligence (CI) said that it has affirmed the foreign currency rating of Bank Islam Malaysia Berhad
(BIMB) at BBB- long-term and A3 short-term with a support rating of 2.
Other financial institutions represented on IIFM board include Bank Islam Malaysia Berhad
, European Islamic Investment Bank, Standard Chartered Bank Saadiq, National Bank of Kuwait, Kuwait Finance House-Bahrain, ABC Islamic Bank and Calyon Corporate and Investment Bank-Bahrain.