Question 1

What is Affin Islamic Bank?

Accepted Answer

Affin Islamic Bank is a full-fledged Islamic bank operating in Malaysia as a wholly-owned subsidiary of Affin Bank Berhad. Established to provide Shariah-compliant banking products and services, the bank serves individuals, Small Medium Enterprises (SMEs), institutional clients, retail customers, and corporate customers across Malaysia. Affin Islamic Bank offers a complete range of Islamic banking solutions that strictly comply with Shariah principles and laws.

The bank operates with the vision to become a premier local and international Islamic financial institution, playing a significant role in the expanding Islamic banking sector globally.

Question 2

When was Affin Islamic Bank founded?

Accepted Answer

Affin Islamic Bank was incorporated on September 13, 2005, and officially commenced operations as a standalone Islamic bank on April 1, 2006. The establishment of Affin Islamic Bank marked a strategic milestone in the Affin Group's diversification, enabling the parent company to serve the growing demand for Shariah-compliant financial services in Malaysia.

The bank was created during a period of significant growth in Islamic finance in Malaysia, aligning with the country's Financial Sector Blueprint to transform Malaysia into a global hub for Islamic financial services.

Question 3

Where is Affin Islamic Bank headquartered?

Accepted Answer

Affin Islamic Bank is headquartered at Level 19, Menara AFFIN, Lingkaran TRX, Tun Razak Exchange, 55188 Kuala Lumpur, Malaysia. The head office is co-located with its parent company, Affin Bank Berhad, at the prestigious Tun Razak Exchange, Malaysia's international financial district.

As a wholly-owned subsidiary of Affin Bank, Affin Islamic Bank leverages the parent company's extensive branch network across Malaysia to deliver its services to customers nationwide.

Question 4

Where does Affin Islamic Bank operate?

Accepted Answer

Affin Islamic Bank operates throughout Malaysia, serving customers through the Affin Bank branch network which spans 126 branches across the country as of July 2024. The bank has presence in all major regions of Malaysia including urban centers and growing markets in Penang, Johor, Sarawak, and Sabah.

The bank's distribution strategy leverages Affin Bank's physical infrastructure, enabling customers to access Islamic banking products and services at Affin Bank branches nationwide, ensuring comprehensive geographical coverage across Peninsular Malaysia and East Malaysia.

Question 5

What services does Affin Islamic Bank offer?

Accepted Answer

Affin Islamic Bank offers a comprehensive range of Shariah-compliant banking products and services across multiple categories. Core offerings include Islamic deposits and investment accounts, financing solutions for personal, business, and corporate needs, and transactional banking services. The bank provides clear demarcation between deposits, investment accounts, and financing products to best meet the needs of retail and business enterprises.

Financing products utilize various Shariah concepts including Musharakah Mutanaqisah (diminishing partnership), Mudarabah (profit-sharing), Istisna (manufacturing contract), Ijarah (leasing), and Murabahah (cost-plus sale). Digital banking services are integrated with the Affin Group's platforms, including the A1addin app, which was Malaysia's first digital banking application supporting both conventional and Islamic banking propositions when launched in November 2021.

The bank was a pioneer of the Investment Account Platform (IAP), launched by Bank Negara Malaysia in February 2016, which bridges funding requirements of businesses, particularly SMEs, with institutional and retail investors, offering investment opportunities as an alternative asset class locally and internationally.

Question 6

What makes Affin Islamic Bank unique?

Accepted Answer

Affin Islamic Bank distinguishes itself as a pioneer in innovative Shariah-compliant products, consistently introducing new Islamic financial solutions that adopt diverse Shariah concepts. The bank was among five Islamic banks that pioneered the Investment Account Platform (IAP), demonstrating leadership in advancing Islamic banking within Malaysia and internationally.

The bank's integration with Affin Bank's digital ecosystem provides customers with seamless access to Islamic banking through award-winning platforms including A1addin, offering the unique proposition of managing both conventional and Islamic banking needs through a single digital interface. Affin Islamic Bank's commitment to research and development enables the creation of new financial products capable of competing in the global financial arena, supporting Malaysia's vision as a global Islamic finance hub.

Question 7

What type of financial institution is Affin Islamic Bank?

Accepted Answer

Affin Islamic Bank is a Full-Fledged Islamic Bank (Bank Islam Penuh) in Malaysia, a specific category of licensed banking institution authorized to conduct banking business exclusively in accordance with Shariah principles. Islamic banks in Malaysia operate under the Islamic Financial Services Act 2013 and are regulated by Bank Negara Malaysia with oversight from Shariah Advisory Councils.

As a full-fledged Islamic bank, Affin Islamic Bank operates independently from its conventional banking parent while benefiting from the Affin Group's resources and infrastructure. This institutional structure allows the bank to maintain strict Shariah compliance in all operations, products, and services while serving the full spectrum of banking needs for customers who prefer or require Islamic banking solutions.

Affin Islamic Bank

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About Affin Islamic Bank in Malaysia