Question 1

What is CIMB Islamic Bank Berhad?

Accepted Answer

CIMB Islamic Bank Berhad is a full-fledged Islamic bank operating as the global Islamic banking and finance franchise of CIMB Group Holdings Berhad, one of Malaysia's largest universal banks. The bank provides comprehensive Shariah-compliant financial solutions across consumer banking, investment banking, asset management, private banking, wealth management, and takaful (Islamic insurance). Operating in parallel with CIMB Group's conventional banking operations under a dual banking model, the bank serves customers in Malaysia and across ASEAN markets including Indonesia, Singapore, Thailand, and other regional markets.

Question 2

When was CIMB Islamic Bank Berhad founded?

Accepted Answer

CIMB Islamic Bank Berhad was launched in 2003, the same year CIMB Group was listed on the main board of the Kuala Lumpur Stock Exchange (now Bursa Malaysia). The establishment of CIMB Islamic was part of CIMB Group's strategy to provide customers with Shariah-compliant financial solutions alongside its conventional banking services.

The parent CIMB Group traces its origins to 1924 when Bian Chiang Bank was established in Kuching. Through multiple mergers and acquisitions of various banks including Ban Hin Lee Bank, Southern Bank Berhad, Bank Bumiputra Malaysia Berhad, and United Asian Bank, CIMB Group was officially formed in September 2006.

Question 3

Where is CIMB Islamic Bank Berhad headquartered?

Accepted Answer

CIMB Islamic Bank Berhad is headquartered in Kuala Lumpur, Malaysia, as part of CIMB Group Holdings Berhad. The bank operates through CIMB Group's extensive branch network across Malaysia and regional offices throughout ASEAN countries.

Question 4

Where does CIMB Islamic Bank Berhad operate?

Accepted Answer

CIMB Islamic Bank Berhad operates throughout Malaysia with access to CIMB Group's network of branches, which numbered 294 branches in Malaysia as of 2011 with over 2,199 ATMs. The bank's services extend across ASEAN markets including Indonesia (through CIMB Niaga), Singapore, Thailand (through CIMB Thai), Cambodia, and the Philippines.

The bank also maintains presence in major global financial centers where CIMB Group operates, including Hong Kong, Shanghai, Australia, Korea, India, the United Kingdom, the United States, Sri Lanka, and Myanmar.

Question 5

What services does CIMB Islamic Bank Berhad offer?

Accepted Answer

CIMB Islamic Bank Berhad provides comprehensive Shariah-compliant banking services including Islamic deposit accounts (current and savings accounts based on Wadiah and Mudarabah principles), Islamic financing products for personal, home, auto, and business needs, and Islamic credit cards complying with Shariah principles.

Investment banking services include Islamic corporate finance, Sukuk (Islamic bonds) issuance and underwriting, Islamic equity and debt capital markets, mergers and acquisitions advisory, and Islamic structured finance. Wealth management services encompass Islamic asset management, Islamic private banking, Islamic fund management, and estate planning according to Shariah principles.

Corporate and commercial banking services include Islamic trade finance, Islamic treasury services, Islamic cash management, and working capital financing. The bank also offers takaful (Islamic insurance) products and digital banking services through online and mobile platforms providing Shariah-compliant banking convenience.

Question 6

What makes CIMB Islamic Bank Berhad unique?

Accepted Answer

CIMB Islamic Bank Berhad operates as one of the world's largest Islamic banks by assets, with Islamic assets totaling 70.7 billion RM as of 2015. The bank functions under strict oversight of the Board Shariah Committee (BSC) established under CIMB Group, which ensures all operations, products, and services comply with Shariah principles as determined by the Shariah Advisory Council of Bank Negara Malaysia.

The dual banking model allows customers to seamlessly access both Islamic and conventional banking services within the same group infrastructure. The bank maintains comprehensive internal controls and a dedicated Shariah Advisory and Governance department that conducts regular Shariah compliance reviews, audits, and investigations to ensure adherence to Islamic banking principles.

CIMB Islamic's regional presence across major ASEAN markets and global financial centers positions it as an indigenous ASEAN Islamic banking leader.

Question 7

What type of financial institution is CIMB Islamic Bank Berhad?

Accepted Answer

CIMB Islamic Bank Berhad is classified as a licensed Islamic bank in Malaysia, operating under the Islamic Financial Services Act 2013 and regulated by Bank Negara Malaysia. As a full-fledged Islamic bank, it provides exclusively Shariah-compliant financial products and services, distinguishing it from conventional banks and Islamic banking windows. The bank operates as a subsidiary of CIMB Group Holdings Berhad, which is publicly listed on Bursa Malaysia, with the Malaysian government's sovereign wealth fund Khazanah Nasional holding 21.6% of CIMB Group shares.

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