Bank Islam contacts 380,000 customers for moratorium extension Published on: Saturday, August 08, 2020 By: Bernama Text Size: Kuala Lumpur: Bank Islam Malaysia Bhd has contacted 380,000 of its individual and small and medium enterprise (SME) customers in stages through the short message service since last week to provide targeted moratorium extension.Its chief executive officer […] ... Bank Islam CEO Mohd Muazzam Mohamed believes it is timely for borrowers to revisit their finance. Earlier, on January 3 (Sunday), the … Friday, August 7th, 2020 “For those who do not need the extension, they do not have to respond and will resume to pay starting October,” he told reporters in Kuala Lumpur today. Bank Islam Malaysia Bhd has received about 10,000 applications for loan repayment moratorium extension involving the retail segment from August until Monday. Email: sme@hlbb.hongleong.com.my. Dont act upon spoof e-mail. The Bank will grant the affected customers reduction in instalment payment, for a period of at least 6 months. a) It is an extension of loan/financing payment deferment program for a period of three (3) months from 1 October 2020. b) This program is implemented to assist the borrowers/customers who opted for the six (6)-months moratorium program from 1 April 2020 to 30 September 2020 and with the following criteria: i. Any further extension is subject to our Bank’s Loan / Financing Payment Assistance program approval criteria, taking into consideration the current salary or income levels of the affected customers at the point of application. 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Bank Islam Malaysia Bhd chief economist Dr Afzanizam Abdul Rashid said the moratorium extension shows that the Government is trying to strike a delicate balance between supporting the need of the affected groups and the health of banks’ finances, which is also crucial to the Malaysian economy. Mohd Muazzam said Bank Islam have also opened 10 branches on two consecutive Saturdays (Sept 12 and 19) to facilitate customers who need repayment/financing assistance post moratorium. Meanwhile, the bank’s public funding platform Sadaqa House handed out donations totalling close to RM240,000 to Mercy Mission Malaysia and Buku Jalanan Chow Kit (BJCK). … In its FAQ, Maybank reminded that the deadline for application is on 30 September 2020. "Bank's profitability will be impacted but as long as they can sustain their operation without incurring losses, then it should not affect the bank's future prospects," he said when contacted. 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