Bank Islam reduces base rate to 3.77 pct
Bank Islam Malaysia Berhad (“Bank Islam”) is revising its Base Rate (“BR”) by 26 basis points from 4.03 percent to 3.77 percent per annum, while its Base Financing Rate (“BFR”) is reduced from 6.98 percent to 6.72 percent per annum with effect from 10 May 2019.
Bank Islam’s Chief Executive Officer, Mohd Muazzam Mohamed said the rate revision was due to the reduction in Bank Negara Malaysia's Overnight Policy Rate (“OPR”) by 25 basis points to 3.00 percent.
“The revision will be beneficial to our customers who have financing pegged to the BR / BFR as the effective profit rate will be adjusted downwards accordingly which translates to a lower instalment amount.
“This is in line with the recent government aspiration to help improve the people’s cost of living as well as boosting economic activities,” he said.