Malaysia's BIMB Holdings has recorded RM62.84m ($21m) in net profit on revenue of RM502.26m ($168m) in large part because of its efforts in the Islamic finance realm and Takaful market in particular through its subsidiary Takaful Malaysia.
Operating results for Takaful Malaysia were up 134% in the first six months of the year compared to the same period last year.
BIMB's group CEO Johan Abdullah (pictured) said: "The growth in the group's net income was driven by higher profit from the continued growth in financing, higher non-fund based income and improved asset quality in Bank Islam, as well as higher profit generated from Takaful businesses".
Takaful Malaysia had operating revenues of RM636.2m ($213m) comprising RM532.5 ($178m) in gross contributions and RM103.7 ($35m) in investment income. The gross contributions were mainly attributable to family Takaful group business and motor and fire business.
Abdullah also said: "BIMB will continue to focus on enhancing its revenue generation and sustainability, especially in diversifying its non-fund based income, and achieving a more balanced portfolio between wholesale and retail market segments.
"The group expects its improving asset quality to be sustained and will continue to leverage on its Bank Islam and Takaful Malaysia franchise."
© The Islamic Globe 2011
