Bank Islam offers targeted repayment assistance for customers

Bank Islam Malaysia Bhd has strongly urged vulnerable customers impacted by the COVID-19 pandemic to approach its officers and staff for the best repayment arrangement as the current moratorium period ends on Sept 30.

Customers may visit the bank's network of branches from Aug 7 onwards to discuss solutions that best fit their financial situation and complete the application form to enjoy this facility.

"With the moratorium period set to end on Sept 30, this additional assistance is meant to help customers alleviate financial constraints and stabilise their cash flow," its chief executive officer, Mohd Muazzam Mohamed said in a statement yesterday.

He said the bank has initiated contact with all its customers via text messages and periodical updates across different communication platforms.

Under the targeted repayment assistance, Bank Islam offers three months moratorium extension from the end of the existing moratorium period to those who lost their jobs in 2020 and currently unemployed.

Individuals, who are still working but suffered a significant loss in income as a result of reduced working hours and pay cuts, will be offered reduce monthly instalment commensurate to salary reduction, depending on types of financing.

They will also be offered payment flexibility up to six months from the end of the existing moratorium period.