Bank Islam exploring opportunities to expand business in South-East Asia

Bank Islam Malaysia Bhd is exploring opportunities to expand its business in South-East Asia, especially in Indonesia.

Its Managing Director, Datuk Zukri Samat, said at the moment, the bank has not identified suitable joint-venture partners to penetrate foreign market.

"Although we do not have the opportunities currently, we are still determined to expand our business to Indonesia," he told reporters.

Zukri said this after presentation of the bank's business zakat of RM320,000 to Majlis Agama Islam Johor here Monday.

Also present was Johor Menteri Besar, Datuk Seri Mohamed Khaled Nordin.

Bank Islam was earlier reported to have held talks with an Islamic bank in Indonesia to acquire up to 40 per cent stake in the latter.

Meanwhile, Zukri said, the bank aimed to expand its operations by opening five branches nationwide by year-end.

He said currently, the bank has 130 branches nationwide, including the new branch in Sungai Buloh, Selangor, which was opened today.

Klang Valley has 32 branches and Johor has 15, he said.

Zukri said the zakat payment represented part of the total RM9.2 million for financial year 2012, based on its profit of RM600 million the previous year.

"If last year's profit exceeded RM600 million, this year's zakat payment will be increased by between 10 to 15 per cent," he said