BANK ISLAM MALAYSIA BERHAD · 2014-08-07 · Bank Islam Malaysia Berhad 3 investment-holding...

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations, transfer and convertibility risks, repatriation risk, currency risk or any other risk apart from credit risk.

OCTOBER 2010

BANK ISLAM MALAYSIA BERHAD Financial Institution Ratings

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations, transfer and convertibility risks, repatriation risk, currency risk or any other risk apart from credit risk.

CREDIT RATING RATIONALEFINANCIAL INSTITUTION RATINGS

OCTOBER 2010

BANK ISLAM MALAYSIA BERHAD – Initial Rating

Summary

RAM Ratings has assigned A1/P1 financial institution ratings to Bank Islam Malaysia Berhad (“Bank Islam” or “the Bank”), Malaysia’s first Islamic bank; the long-term rating has a stable outlook. The ratings reflect the backing of Lembaga Tabung Haji (“Tabung Haji”, Malaysia’s hajj pilgrims’ funds board), i.e. the Bank’s ultimate controlling shareholder, in the form of operational synergies, capital support and stability of deposits. The ratings also take into account the Bank’s liquid balance sheet and sizeable proportion of low-cost deposits, which have translated into broad financing margins. While Bank Islam is the third-largest commercial Islamic bank in Malaysia, its franchise is still limited relative to the universal-banking groups. Following a period of losses, Bank Islam was recapitalised in October 2006 through a RM1.01 billion capital injection. Concurrently, a 3-year Turnaround Plan had been put in place, involving the entry of a new management team, a wide-scale reorganisation exercise and a fundamental revamp of the Bank’s processes. These initiatives had significantly eased its gross non-performing financing (“NPF”) ratio to 7.6% as at end-June 2010, from a peak of approximately 30% four years before. While Bank Islam’s gross NPF ratio is high vis-a-vis the industry average, RAM Ratings notes that advances disbursed after the commencement of its Turnaround Plan have a commendable gross NPF ratio of 1.4%, although only reflective of a 4-year track record. Moving forward, RAM Ratings expects Bank Islam’s gross and net NPF ratios to ease to about 6% and 2%, respectively, by end-2011. Meanwhile, the Bank maintains a very liquid balance sheet; its liquid-asset ratio has been hovering around 60% in the past 3 years. With deposit growth having outpaced financing growth in the last 5 years, Bank Islam’s financing-to-deposits ratio came up to a low 42% as at end-June 2010. At the same time, its tier-1 and overall risk-weighted capital-adequacy ratios (“RWCARs”) of a respective 15.6% and 16.9% were higher than the banking industry’s averages.

Analysts: Joanne Kek (603) 7628 1163 [email protected] Wong Yin Ching (603) 7628 1117 [email protected] Principal Activity: Islamic banking Financial Institution Ratings: Long-term: A1 [Assigned] Short-term: P1 [Assigned] Rating Outlook: Stable

Bank Islam Malaysia Berhad 2

Bank Profile Figure 1: Corporate structure

Bank Islam Malaysia Berhad

Bank Islam (L) Ltd

100%

Al-WakalahNominees

( Tempatan) SdnBhd

100%

BIMB Investment Management

Berhad

100%

Bank Islam Trust Company (Labuan)

Ltd

100%

Dubai Financial LLC BIMB Holdings Berhad

Lembaga Tabung Haji

30.5% 51% 18.5%

51%

BIMB Offshore Company

Management Services SdnBhd

100%

Farihan Corporation Sdn

Bhd

80% 100%

BIMB Foreign Currency Clearing Agency Sdn Bhd

20%

Amana Investments

Limited

Source: Bank Islam Bank Islam commenced operations as Malaysia’s first Islamic bank in 1983, following Bank Negara Malaysia’s (“BNM”) introduction of the Islamic Banking Act that same year. As at end-September 2010, the Bank had a network of 107 branches and 878 terminals throughout the country. At inception, BIMB Holdings Berhad (“BIMB Holdings”, an Islamic financial-services holding company listed on Bursa Malaysia’s Main Market1) had been the Bank’s sole shareholder. With an asset base of RM30.3 billion as at end-June 2010, Bank Islam is the third-largest commercial Islamic bank in Malaysia, accounting for approximately 12% of the Islamic banking industry’s assets. As at the same date, the Bank accounted for 7.5% and 12.7% of the Malaysian Islamic banking industry’s financing and deposits, respectively. As Islamic finance remains a key pillar of growth in the country’s move towards a knowledge-based economy, Bank Islam is expected to play an important role in Malaysia’s Islamic banking industry. Following a period of losses, Tabung Haji and Dubai Financial LLC emerged as Bank Islam’s direct shareholders via a recapitalisation exercise in October 2006. This involved the issuance of 845 million new Bank Islam shares in return for a cash injection of RM1.01 billion (i.e. RM1.20 per share); Dubai Financial LLC and Tabung Haji had contributed RM828 million and RM186 million, respectively. After the recapitalisation, BIMB Holdings had ended up with a 51%-stake in Bank Islam while Dubai Financial LLC and and Tabung Haji owned a respective 40% and 9%. Dubai Financial LLC is the financial-services arm of Dubai Holdings, an

1 Apart from banking, these include Shariah-compliant takaful and stockbroking services. Other core

subsidiaries include Syarikat Takaful Malaysia Berhad and BIMB Securities (Holdings) Sdn Bhd.

Malaysia’s first Islamic bank

Third-largest commercial Islamic bank in Malaysia

Recapitalised in 2006 after heavy losses


investment-holding company held by the Dubai government. In 2H 2009, the Bank issued RM540 million of Islamic convertible redeemable non-cumulative preference shares2 (“CRNCPS”), which were taken up by BIMB (51%) and Tabung Haji (49%). The CRNCPS qualify as tier-1 capital and are convertible into ordinary shares after issuance, subject to BNM’s approval. In September 2010, BIMB and Tabung Haji converted their CRNCPS into ordinary shares. After the conversion, Tabung Haji’s stake in Bank Islam has now been increased by 9.5% (to 18.5%) while Dubai Financial LLC’s shareholding has declined by the same quantum (to 30.5%). BIMB’s 51%-equity has stayed unchanged.

The Bank’s ultimate controlling shareholder is Tabung Haji, which holds an effective 43.5%-stake (through its 18.5% direct shareholding and an indirect 25%-interest via BIMB Holdings). RAM Ratings opines that financial support from Tabung Haji will be readily extended if needed; this was underlined by its (direct and indirect) subscription of the Bank’s RM540 million CRNCPS in October 2009, and subsequent conversion into common equity. These had lifted the Bank’s overall RWCAR from 13% to 17%. The presence of Tabung Haji in Bank Islam’s shareholding structure has facilitated various areas of the Bank’s business; its corporate and investment banking (“CIB”) division has gained from deal referrals. Meanwhile, deposit placements from Tabung Haji have also helped maintain the stability of the Bank’s deposit base while the close relationship between the 2 entities provide Bank Islam with cross-selling opportunities and alternative distribution channels. Bank Islam was admitted to the Securities Commission’s (“SC”) list of principal advisors in 2009; this enables the Bank to advise on and submit corporate proposals, such as initial public offerings and acquisitions, to the regulator for approval. The Bank is also licensed to import and export foreign currency through its subsidiary, BIMB Foreign Currency Clearing Agency Sdn Bhd. At the same time, Bank Islam has an 80%-stake in Farihan Corporation Sdn Bhd, its window for Ar-Rahnu (or pawnbroking) operations. Elsewhere, the Bank has recently raised its stake in Sri Lanka-based Amana Investments Ltd (“Amana”) to 20% (from 12% previously). Amana is a credit company that aims to become the first Islamic bank in Sri Lanka. Bank Islam’s association with Amana dates back to 1999, when the Bank started providing technical expertise to the latter.

2 The CRNCPS were issued in two tranches – RM324 million in July 2009 and RM216 million in

October 2009.

Tabung Haji raises equity with recent CRNCPS conversion

Ongoing financial backing from Tabung Haji

Tabung Haji’s presence gives competitive edge

Admitted to SC’s list of principal advisors


Management and Strategies Figure 2: Bank Islam’s corporate milestones

PHASE 1Year 2006 to 2007

PHASE 2Year 2008 to 2009

PHASE 3Year 2010 and onwards

RECOVERYMoving out of the crisis and returning

to profitability

STABILITYBuilding a solid foundation for a

sustainable growth

HIGH GROWTHAiming for operational excellence and

market leadership

TURNAROUND PLAN• Recapitalisation and balance sheet restructuring• Information technology infrastructure revamp• Organisational transformation programme• Cost rationalisation exercise• Human capital development

SUSTAINABLE GROWTH PLAN

• Business innovation• Robust risk management• Strengthening of supporting

infrastructure• Building capacity and

capabilities• Franchise development• Inorganic growth and

corporate expansion

Source: Bank Islam In FYE 30 June 2005 (“FY June 2005”) and FY June 2006, the Bank recorded an aggregate RM1.7 billion of losses that had wiped out its shareholders’ funds and capital base. Bank Islam was subsequently recapitalised in October 2006 through a RM1.01 billion capital injection which saw the issuance of new shares to Tabung Haji and Dubai Financial LLC. Concurrently, a 3-year Turnaround Plan involving the entry of a new management team, a wide-scale reorganisation exercise and an extensive revamp of the Bank’s processes had been put in place. To provide new direction, Dato’ Zukri bin Samat - the former managing director of Pengurusan Danaharta Nasional Berhad– had been brought on board. Dato’ Zukri is now Bank Islam’s Managing Director. Bank Islam’s 3-year Turnaround Plan had 2 main goals: to return to profitability, and to position the Bank for sustainable growth. As part of its turnaround agenda, Bank Islam had changed its business trajectory and revised its risk-management and financing origination processes. RAM Ratings notes substantial improvements in the quality of the Bank’s financing after 2006; Bank Islam’s current risk-management and origination practices are deemed sound. Following the conclusion of the Turnaround Plan in FY June 2009, the current Sustainable Growth Plan aims to position Bank Islam for domestic and regional growth. Corporate expansion is one of the pillars under this plan, with Bank Islam raising its stake in the Sri Lanka-based Amana to 20% in 2H 2010. The Bank has also continued its efforts in operational improvements. With the adoption of the

New management team initiated extensive improvements

Current risk-management and origination practices deemed sound

Ongoing operational enhancements


FRS139 accounting standard scheduled for January 2011, the Bank has revised its time-based NPF classification to 3 months past due, from the previous 6-month basis. Meanwhile, the Bank’s current-year financial results will reflect an 18-month span (from July 2009 to December 2010) as it has changed its financial year-end from June to December. While Bank Islam’s strategies for domestic growth are broad-based, i.e. targeting the consumer, corporate and commercial segments, it aspires to become a predominantly retail bank. Within the retail segment, it expects to expand its market share and growth (in both financing and deposits) by leveraging on its existing strengths, particularly its unique access to Tabung Haji’s network and the Bank’s position as one of the main disbursement channels for Perbadanan Tabung Pendidikan Tinggi Nasional’s (“PTPTN”) study loans. RAM Ratings understands that the process of integrating the Bank’s systems to Tabung Haji’s database is an ongoing process. Tabung Haji depositors are currently able to perform their Tabung Haji-related transactions at Bank Islam’s branches, with the Bank earning fee-based income. In the meantime, some of Tabung Haji branches have been remodelled as Bank Islam branches; these are primarily in smaller townships. Tabung Haji’s depositors represent an important target market for the cross-selling of Bank Islam’s products. As at end-December 2009, Tabung Haji had approximately 5 million depositors and a total fund size of RM23 billion. As one of the main disbursement channels for PTPTN advances, Bank Islam intends to capture the financing needs of students as they progress towards their careers. At the onset, students who obtain PTPTN advances contribute to the Bank’s deposit base; Bank Islam aims to meet their subsequent financing requirements for the purchase of vehicles and homes. Within the commercial-banking landscape, the Bank intends to augment its share of business-premise financing, where its target clients are emerging corporates and small and medium enterprises (“SME”) with more than 5 years’ operating track record. The Bank also intends to promote its CIB division as a 1-stop centre that provides a suite of capital-market and banking solutions, by leveraging on its core strength - Shariah-structuring capabilities. The recent launch of its Ar-Rahnu division is part of the Bank’s push to diversify its Islamic products; pawnbroking is a relatively new, high-margin and untapped niche for Islamic financial institutions in Malaysia. Bank Islam’s pawnbroking operations are primarily based in the east coast of Peninsular Malaysia. Over the medium term, the management targets an annual growth of 13%-15% for its financing portfolio. Besides cross-selling initiatives through Tabung Haji’s depositor base, this will be supported by branch and network expansion. The Bank intends to achieve a 130-strong branch network by end-2012 (end-December 2009: 100 branches), and to increase the number of self-service terminals to 968 (end-December 2009: 621 terminals). RAM Ratings opines that

Well-poised for growth

Leveraging on Tabung Haji’s network for growth


the Bank’s sound risk-management practices and better capitalisation places it in good stead for growth, although we note that its franchise is still limited relative to the universal-banking groups.

Shariah Compliance Bank Islam’s internal Shariah-compliance policies aim to ensure that the Bank’s products, services and activities comply with Shariah requirements, as determined by the various Shariah regulatory councils. The Bank’s Shariah Department oversees Shariah compliance on a day-to-day basis, and reports to the Managing Director. The Shariah Department also reports to the Shariah Supervisory Council (“SSC”), an 8-member team that reports to the Bank’s board of directors. The SSC’s responsibilities include forming opinions on the extent of Bank Islam’s compliance with Shariah, for inclusion in the Bank’s financial statements. Bank Islam also reviews its Shariah compliance through regular audits by its Internal Audit division. Meanwhile, the Bank manages displaced commercial risk3 through its profit-equalisation reserve (“PER”) and hibah (or gift) payments. The PER stores amounts appropriated from profits earned on a pool of assets, before allocation to the Bank and its depositors. When returns fall below expectations, amounts previously appropriated can be transferred back to profits to maintain a competitive rate of return to for the depositors. The rate of return payable to depositors is determined by the Bank on a monthly basis, and is commercially driven. Bank Islam uses the PER mechanism to manage the rate of return for its general depositors while hibah payments are only utilised for selected depositors (typically larger corporates or government-related customers).

Risk Management At operating level, Bank Islam has formed several committees to oversee its risk management. These include the asset-and-liability, operational-risk, credit-risk, recovery-management and Shariah-compliance committees. The recovery-management committee oversees the recoverability of the Bank’s legacy financing, besides assessing the recovery prospects of more recent disbursed financing. The chief risk officer is a member of all these committees. These divisions report to the management risk-control committee, which oversees the broad-based performance of business units as well as the Bank’s business strategy, financial performance and asset quality. The board risk committee, a 3 Displaced commercial risk refers to the risk of volatility in the bank’s profits arising from

Mudharabah-based (profit-sharing and loss-bearing) deposits. Profits are shared between the bank and the depositor based on a pre-determined ratio while losses are borne solely by the latter. Due to commercial considerations, Islamic financing institutions typically forgo their share of the profits on these funds – transferring the risk to the bank’s own capital. The rate of return payable to the depositor is “smoothened” at the expense of the bank’s own profits.

Shariah department oversees Shariah compliance

Displaced commercial risk managed through PER transfers and hibah payments


sub-committee of the board of directors is responsible for the effectiveness of the Bank’s risk-management functions, and ultimately spearheads its risk strategy and risk-monitoring efforts. Table 1: Bank Islam’s risk-management sub-committees

Committee Function(s)

Asset and liability Oversees and manages the Bank’s liquidity and profit-rate gaps. Reviews

liquidity and capital management, market risk as well as asset-and-liability management.

Operational risk control Deliberates operational risk issues and recommends improvements. Also

reviews compliance risk, operating policies and the enhancement of control mechanisms.

Credit risk control Reviews and deliberates on credit-related risks, including counterparty

credit reviews and potential defaults. Also monitors and sets credit limits and portfolio credit risks.

Recovery management Oversees performance of restructured assets and assesses

effectiveness of recovery strategies. Shariah compliance Oversees Shariah compliance on a day-to-day basis

Source: Bank Islam The Bank’s risk-management department performs quarterly stress tests that model correlations between the stressed scenarios and NPF growth. It also monitors exposures and limits for each industry; these are revised periodically based on sector-specific outlooks. On this note, we understand that the Bank’s credit-risk scorecards have been recently recalibrated to cater for its most recent data. Meanwhile, the Bank is currently creating an SME rating scorecard and developing facility-risk ratings. We note enhancements in Bank Islam’s risk-management processes following the implementation of its Turnaround Plan, and opine that these have translated into healthier financing-quality indicators. All said, Bank Islam’s risk-management practices are perceived to be sound.

Sound risk management practices


Asset Quality Bank Islam’s asset base stood at RM30.3 billion as at end-June 2010. Investments in securities made up the largest portion (42%) of the Bank’s assets, followed by financing (37%) and cash and short-term funds (20%). The Bank’s securities portfolio is viewed to have low credit risk; approximately 75% of its treasury investments comprise Malaysian government, quasi-government and AAA-rated securities. About half of the Bank’s RM12.6 billion securities portfolio as at end-June 2010 constituted Malaysian government and quasi-government securities; the remainder comprised AAA (23%) and AA (13%) rated securities. We note that the Bank maintains a policy of only investing in debt securities with AAA and AA ratings. Figure 3: Segmentation of financing portfolio (as at end-June 2010)

Primary agriculture,

1.8%

Mining and quarrying,

0.0%Manufac-

turing, 6.1%

Electricity, gas and water

supply, 1.2%

Wholesale, retail,

restaurants and hotels,

6.0%

Construc-tion, 5.8%

Real estate, 0.9%

Transport & communi-cation, 3.7%

Financing, insurance

and business services,

0.8%

Education, health &

others, 2.2%

Household sector, 71.2%

Other sector, 0.2%

Cash lines, 2.0%

House financing,

43.6%

Syndicated Financing,

0.3%

Leasing receivables,

2.7%

Bridging financing,

1.6%

Personal financing,

20.5%

Other term financing,

18.8%

Staff financing,

1.5%

Credit cards, 2.1%

Discounted trade bills,

6.6%

Trust receipts,

0.3%

Pawnbro-king, 0.0%

Breakdown of financing by type% of gross financing of RM20.4 billion

Breakdown of financing by sector% of gross financing (net of unearned income) of RM12.0 billion

Source: Bank Islam Between FY June 2006 and FY June 2009, the Bank’s financing growth had been subdued as organisational revamp initiatives under its Turnaround Plan had been prioritised. With backroom operations ready to support its business expansion, the Bank’s financing portfolio expanded 17% in the 12-month period ended 30 June 2010, bringing its outstanding gross financing portfolio to RM12.0 billion (end-June 2009: RM10.7 billion). Bank Islam is predominantly a retail bank – its consumer segment accounted for 71% of its financing portfolio as at the same date; financing for the purchase of homes (44%) and personal financing (21%) made up a significant portion of the Bank’s outstanding advances. In terms of advances granted to the commercial and corporate segments, the Bank is primarily exposed to the manufacturing, wholesale and retail, and construction sectors.

Low-risk securities portfolio

Last 12 months yielded strongest growth in 5 years


Figure 4: Financing-quality indicators

FY June 2005 FY June 2006 FY June 2007 FY June 2008 FY June 2009 FY June 2010

Gross financing (RM million) 10,518.24 10,261.59 9,803.74 10,458.83 10,711.00 12,008.28

Gross NPF ratio 19.72% 22.11% 22.36% 18.64% 12.70% 7.64%

Net NPF ratio 12.24% 9.15% 11.42% 7.82% 4.90% 3.24%

Financing 3-months past due ratio 29.33% 27.81% 24.16% 16.81% 7.64%

Banking industry gross non-performing / impaired loan ratio 8.63% 7.74% 6.54% 4.61% 3.78% 3.59%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

RM

mill

ion

3-months past due NPF

classification

Source: Bank Islam n.a.= not available. NPF classification prior to FY June 2010 had been on a 6-months-past-due basis. Bank Islam revised its NPF classification to a 3-months–past-due basis in December 2009, in preparation for the imminent adoption of FRS139. Before that, NPF classification had been on a 6-months-past-due basis. For consistency, the analysis of non-performing financing will centre on financing classified as 3 months past due. The Bank’s 3-months-past-due ratio hit a high of 30% as at end-June 2006, a result of its historically weak financing practices, particularly in the corporate segment. RAM Ratings understands that the troubled credits in the Bank’s financing portfolio had first surfaced during the 1997/98 Asian financial crisis; these had been restructured with 5-year bullet repayments due in 2002–2003. With these troubled entities finding it difficult to meet their bullet repayments, the Bank’s NPF had risen, peaking in 2006. Large portions of its NPF can also be attributed to financing originated through its offshore subsidiary, Bank Islam (Labuan) Ltd (“BIL”) – this entity had extended cross-border foreign-currency advances, with large exposures in Bosnia, Indonesia and the Middle East. BIL’s operations were subsequently wound up, and its assets and liabilities vested to Bank Islam’s Labuan offshore branch (“BILOB”). As at end-June 2005, BILOB accounted for 13% (or RM1.4 billion) of Bank Islam’s RM10.5 billion financing portfolio; most of the BILOB advances had exhibited signs of impairment. These origination procedures are no longer in practice.

n.a.

Adopted 3-months-past-due NPF classification in December 2009

Historically weak financing practices surfaced in 2006, pushing gross NPF ratio to 30%...


Bank Islam’s 2006 asset-quality indicators had gradually improved after 2006, following the implementation of its Turnaround Plan and an intensive review of its financing portfolio, amid the disbursement of new advances based on more stringent standards. The Bank’s gross NPF ratio (on a 3-months-past-due basis) had eased to 7.6% by end-June 2010; RAM Ratings notes that the improvements in recent years had been assisted by sizeable recoveries and write-offs. In the 12-month period ended 30 June 2010, recoveries and write-offs amounted to RM210 million and RM410 million, respectively (FY June 2009: RM184 million and RM540 million). Table 2: Pre- and post-June 2006 financing-quality indicators (as at end-June 2010)

Gross NPF ratio as at end-June 2010 Corporate

Home & fixed asset

financing

Personal financing

Vehicle financing Credit card

OVERALL financing portfolio

Blended gross NPF ratio 15.4% 7.5% 1.6% 2.4% 1.6% 7.6%Financing originated pre-June 2006 38.7% 12.6% 5.8% 4.9% 2.3% 18.2%

Financing originated post-June 2006 2.1% 1.5% 1.1% 0.4% 1.5% 1.4% Source: Bank Islam. NPF based on 3-months-past-due classification. We observe a clear distinction in the asset quality of the Bank’s pre- and post-2006 financing disbursements; as at end-June 2010, some 62% of its outstanding financing comprised advances disbursed under revised risk-management practices. The Bank’s gross NPF ratio of 1.4% for advances disbursed after 2006 is deemed commendable, albeit reflective of only a 4-year track record. Almost 90% of its gross NPF is attributable to pre-2006 financing; these had largely stemmed from advances to corporates. On the whole, Bank Islam’s pre-2006 financing facilities continue to suppress its asset-quality indicators; these bore a gross NPF ratio of 18% as at end-June 2010. Figure 5: Gross NPF ratios by sector (as at end-June 2010)

3%7% 7%

12%

4%9%

0%5% 5%

1% 2%7%

4%

14%

95%

19%

0%

8%

39%

3% 1%

8%2%

5%

18%

8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%Malaysian banking industry gross non-performing/impaired loan ratioBank Islam gross non-performing financing ratio

Source: Bank Islam, BNM. Bank Islam’s NPF based on a 3-months-past-due classification.

…before gradually easing to current 7.6%

Clear distinction in financing quality of pre- and post-2006 advances


The asset quality of Bank Islam’s consumer financing portfolio (which makes up about 75% of its entire financing portfolio) is deemed healthy; as at end-June 2010, the gross NPF ratio of this segment came up to a commendable 2.5% (industry: 4.6%). While within the gross NPF ratios for the corporate and commercial segments, the Bank’s ratios for advances to the construction, manufacturing and mining and quarrying segments are still considered high; this is primarily attributable to its pre-2006 legacy financing, which are elevated due to a low-base effect. While the Bank’s gross NPF ratios are almost double the industry averages, its net NPF ratio of 3.2% is less than half its gross NPF ratio, and closer to the banking industry’s average of 2.2% as at end-June 2010. In our assessment of the quality of the Bank’s financing portfolio, we derive comfort from its adequate financing-loss coverage; its ratio on financing-loss reserves to gross financing stood at 78% as at end-June 2010. Moving forward, RAM Ratings expects the Bank’s asset-quality indicators to improve, supported by prudent origination and monitoring processes. With continuing recovery efforts and further write offs, the Bank’s gross and net NPF ratios are expected to ease to about 6% and 2%, respectively, by 2011. Looking ahead, Bank Islam’s gross and net NPF ratios are expected to show a more reflective picture of its risk appetite.

Profitability Figure 6: Historical profitability indicators


Pre-financing provision profits 168.25 48.25 232.16 309.40 359.16 438.35

Pre-tax profit (479.78) (1,240.47) 211.97 316.94 235.87 313.63

Net financing margins 3.44% 3.14% 2.93% 3.01% 2.76% 2.92%

Credit cost ratio 6.91% 12.40% 0.20% -0.07% 1.16% 1.05%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

(1,400.0)

(1,200.0)

(1,000.0)

(800.0)

(600.0)

(400.0)

(200.0)

-

200.0

400.0

600.0

RM

mill

ion

Source: Bank Islam

Healthy asset quality of consumer financing portfolio

Net NPF ratio getting closer to industry average…

…expected to match industry average by end-2010


Bank Islam suffered hefty pre-tax losses of RM478 million and RM1.2 billion in FY June 2005 and FY June 2006, respectively, due to sizeable financing-loss charges. During that time, the Bank’s credit-cost ratios4 had been elevated. While pre-financing provision profits in FY June 2005 were still healthy at RM168 million, that of FY June 2006 only came up to RM48 million after a RM148 million impairment loss on the Bank’s securities holdings, undertaken as part of its clean-up exercise. In the 3 years up to 30 June 2010, the Bank’s pre-provision profits have been trending upwards, with an annualised average annual growth rate of 25%. Despite hefty write-offs on its financing portfolio, its pre-tax profit had continued increasing except in FY June 2009, when its pre-tax gain faltered due to a high-base effect; its pre-tax profit in fiscal 2008 had been boosted by a large one-off financing recovery. While the Bank’s net financing margin – of around 2.8% – is at the higher end among domestic banks, its credit costs are still suppressing its pre-tax profits. In the 12-month period ended 30 June 2010, the Bank chalked up RM314 million of pre-tax gain; this translated into a return on equity of 16% and return on assets of 1%. Financing income accounts for about three-quarters of the Bank’s gross income. Like most Islamic financial institutions, fixed-rate financing makes up a substantial portion of Bank Islam’s financing portfolio (approximately 80%). In this regard, RAM Ratings opines that the effects of narrowing net financing margins (in an environment of rising interest rates) are moderated by the Bank’s sizeable deposits from low-cost current and savings accounts (“CASA”). While its credit costs are expected to remain high, its pre-tax profit for FY Dec 2010 (on an annualised basis) is expected to improve year-on-year, supported by financing growth. Going forward, RAM Ratings expects the Bank’s credit costs to moderate as financing is disbursed according to more stringent origination criteria, and as efforts to eradicate pre-2006 troubled credits are almost completed.

4 Financing-loss provisions as a percentage of average gross financing.

Credit costs depleted pre-provision profits in fiscal 2005 and 2006

Profitability trending upwards

Pre-2006 financing-loss charges reaching tail end; credit costs expected to ameliorate


Funding and Liquidity Figure 7: Bank Islam’s funding and liquidity positions


Total deposits (RM million) 13,483.2 14,340.4 17,577.7 20,754.3 25,204.6 26,686.7

Liquid Asset Ratio 39.94% 35.52% 55.16% 62.26% 67.37% 67.45%

CASA deposits to total deposits 35.40% 38.26% 37.97% 39.89% 35.95% 37.09%

Financing to Deposits Ratio 68.86% 60.17% 47.91% 43.66% 38.33% 42.30%

0

5,000

10,000

15,000

20,000

25,000

30,000

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

RM

mill

ion

Source: Bank Islam Bank Islam is viewed to have a robust funding and liquidity profile. The Bank maintains a very liquid balance sheet; in the past 3 year, its liquid-asset ratio has been hovering around 60% (end-June 2009: 67%). With its average deposit growth (of 16%) outpacing its financing growth (of 4%) in the past 5 years, the Bank’s financing-to-deposits ratio only came up to 42% as at end-June 2010. With a stronger emphasis on financing growth in future, the Bank’s financing-to-deposits ratio is expected to ameliorate to a still-comfortable 60%. Bank Islam’s depositors are mainly corporates and government-related entities; these accounted for approximately 70% of the Bank’s deposit base as at end-June 2010. While this gives rise to concentration risk, the Bank’s long-standing relationships with its depositors help to maintain the stability of its deposit base. On this note, one of Bank Islam’s largest depositors is Tabung Haji, which has historically maintained sizeable deposits. Notably, Bank Islam’s deposit-gathering strategies build on its long-standing relationships with zakat-collecting institutions and universities, where it has a first-mover advantage as Malaysia’s first Islamic bank. Bank Islam’s deposits make up 98% of its profit-bearing funding. CASA deposits constituted 37% of the Bank’s total deposits as at end-June 2010; CASA deposits have featured prominently in its deposit base, making up at least a third of its total deposits. The Bank’s large proportion of CASA deposits, in contrast to the industry average of some 25%, is viewed positively vis-à-vis its broader net financing margins. With a stronger emphasis in financing growth in future, the Bank’s financing-to-deposits ratio is envisaged to slightly weaken, albeit to a still-comfortable 60%.

Very liquid balance sheet

CASA deposits dominate funding base


Capitalisation Figure 7: Capitalisation indicators

FY June 2005

FY June 2006

FY June 2007

FY June 2008

FY June 2009

FY June 2010

Capital base (RM million) 977.6 (241.4) 1,184.3 1,466.5 1,634.5 2,179.8 Tier-1 RWCAR 6.8% -2.5% 9.7% 11.3% 12.3% 15.6%Overall RWCAR 9.1% -2.5% 12.1% 13.2% 13.9% 16.9%Banking industry overall RWCAR 13.6% 12.8% 13.9% 13.0% 14.8% 15.0%Banking industry tier-1 RWCAR 10.8% 10.0% 10.8% 10.8% 13.0% 13.1%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

(500)

0

500

1,000

1,500

2,000

2,500

RM

mill

ion

Source: Bank Islam Large financing losses eroded the Bank’s capital base in FY June 2005 and FY June 2006. After the RM1.01 billion capital injection in October 2006, the Bank’s share capital and share premium base augmented to RM2.2 billion, offsetting RM1.6 billion of accumulated losses. Following its capital-raising exercise, Bank Islam’s overall RWCAR worked out to 12.1% as at end-June 2007. With the issuance of RM540 million of CRNCPS in October 2009, the Bank’s tier-1 and overall RWCARs strengthened to a respective 15.6% and 16.9% as at end-June 2010. In September 2010, BIMB and Tabung Haji converted their CRNCPS holdings into ordinary shares. Benchmarked against the industry average of 13.1% as at the same date, the Bank’s tier-1 capitalisation level is perceived to be strong. In the meantime, Bank Islam has adopted BNM’s framework on Capital Adequacy for Islamic Banks; this is the equivalent of the standardised Basel II approach for conventional banks. RAM Ratings opines that capital support from the Bank’s shareholders would be readily extended if needed.

Capital support from shareholders expected to be forthcoming


Corporate Information – Bank Islam Malaysia Berhad

Date of Incorporation:

1 March 1983

Commencement of Business:

July 1983

Major Shareholders (as at end-September 2010):

BIMB Holdings Berhad Dubai Financial Group LLC Lembaga Tabung Haji

51.0% 30.5% 18.5%

Directors:

Zahari @ Mohd Zin Idris Dato’ Sri Zukri Samat Zaiton Mohd Hassan Johan Abdullah Datuk Ismee Ismail Fadhel Abdulbaqi Abu Al-Hasan Al-Qaed Marwan Hassan Ali Al-Khatib

Auditor:

KPMG

Listing:

Not listed

Key Management:

Dato’ Sri Zukri Samat Dato’ Wan Ismail Wan Yusoh Hizamuddin Jamalluddin Zuraimy Mohd Akhir Khairul Kamarudin Mashitah Hj Osman Norashikin Mohd Kassim Abdul Rashid Abdul Hamid Malkit Singh Maan Ryan Liew Choon Ching Mizan Masram Jaafar Abu Wahid Ali Mohd Khalil Jeroen PMM Thijs Mohd Izwadi Mat Hassan

Managing Director General Manager, Strategic Relations Assistant General Manager, Strategic Planning Assistant General Manager, Channel Strategy and DevelopmentGeneral Manager, Consumer Banking Director, Corporate Investment Banking General Manager, Treasury Acting Head, Commercial Banking Chief Financial Officer Chief Technology Officer Assistant General Manager, Recovery & Rehabilitation Chief Business Support Officer Chief Internal Auditor Chief Risk Officer Acting Head, Shariah Department

Major Subsidiaries:

BIMB Investment Management Berhad Bank Islam Trust Company (Labuan) Ltd BIMB Foreign Currency Clearing Agency Sdn Bhd Farihan Corporation Sdn Bhd

100% 100% 100% 80%

Capital History:

Year Remarks Amount (RM million)

Cumulative Total (RM million)

2004 2005 2006

Balance brought forward Issuance of 100,000,000 shares Issuance of 280,000,000 shares

100 280

500 600 880

2007 2009

Issuance of 845,490,000 shares Issuance of 540,000,000 CRNCPS

845.49 540

1,725.49 2,265.49


unauditedBALANCE SHEET (RM million) 30-Jun-06 30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10ASSETSCash & Money At Call 2,877.97 6,154.77 10,142.42 8,445.59 5,962.83Deposits & Placements With Financial Institutions 0.00 0.00 0.00 0.00 0.03Securities Purchased Under Resale Agreements 0.00 0.00 0.00 0.00 0.00Securities Securities Held For T rading # 250.16 322.16 54.51 287.68 1,562.29 Securities Available-For-Sale ^ 2,085.47 3,427.54 3,437.22 8,465.43 10,943.65 Securities Held-To-Maturity 136.19 132.06 161.53 162.76 154.48Gross Financing & Advances 10,261.59 9,803.74 10,458.83 10,711.00 12,008.28 Finance-Income-In-Suspense 0.00 0.00 0.00 0.00 0.00 General Financing Loss Reserves 168.46 170.46 169.38 170.84 171.83 Specific Financing Loss Reserves 1,464.59 1,211.26 1,228.13 878.30 546.72Net Financing & Advances 8,628.54 8,422.01 9,061.32 9,661.86 11,289.73Statutory Deposits With BNM 459.86 396.64 362.15 139.73 20.00Investments in Subsidiaries/Associates 0.00 0.00 0.00 0.00 23.63Other Assets 74.83 132.60 209.51 197.75 224.20Property, Plant & Equipment 85.54 70.51 127.78 127.71 154.39TOTAL ASSETS 14,598.57 19,058.30 23,556.44 27,488.51 30,335.22LIABILITIESCustomer Deposits Demand 3,610.64 4,617.99 5,842.72 6,347.08 6,727.22 Savings 1,876.56 2,056.70 2,436.59 2,713.05 3,171.00 Fixed 6,372.25 6,306.26 6,376.26 9,010.71 11,154.83 Negotiable Instruments of Deposits 2,480.93 4,596.72 6,098.74 7,133.79 5,633.70Interbank Deposits 63.03 33.99 58.44 8.08 374.75Bills & Acceptances Payable 100.92 109.19 990.45 283.21 295.84Securities Sold Under Repurchase Agreements 0.00 0.00 0.00 0.00 0.00Other Funding 0.00 0.00 0.00 0.00 5.00Subordinated Financing & Hybrid Capital 100.00 100.00 100.00 100.00 0.00Recourse Obligation on Financing Sold to CAGAMAS 0.00 0.00 0.00 0.00 0.00Other Liabilities 242.28 218.35 333.96 361.40 614.44TOTAL LIABILITIES 14,846.61 18,039.19 22,237.17 25,957.33 27,976.77Paid-up Capital 880.00 1,725.49 1,725.49 1,725.49 2,265.49Minority Interest 0.00 0.00 0.00 0.00 0.53Share Premium & Other Reserves 340.12 565.33 475.89 525.93 618.51Statutory General Reserve 200.53 316.76 508.82 589.12 686.49Retained Profits/(Accumulated Losses) (1,668.69) (1,588.48) (1,390.94) (1,309.36) (1,212.57)TOTAL SHAREHOLDERS' FUNDS (248.04) 1,019.11 1,319.27 1,531.18 2,358.46TOTAL LIABILITIES & SHAREHOLDERS' FUNDS 14,598.57 19,058.30 23,556.44 27,488.51 30,335.22

COMMITMENTS & CONTINGENCIES 4,026.38 8,367.80 9,322.36 7,693.38 9,429.83TIER 1 CAPITAL (241.39) 953.80 1,257.11 1,443.61 2,179.82CAPITAL BASE (241.39) 1,184.26 1,466.50 1,634.46 2,351.65

Note :# Formerly classified under Dealing Securities; ^ Formerly classified under Investment Securities

FINANCIAL SUMMARY Bank Islam Malaysia Berhad - Group


unauditedINCOME STATEMENT (RM million) 30-Jun-06 30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10

Finance Income 837.65 845.02 1,037.27 1,075.25 1,143.75Less: Accretion Of Discount/(Amortisation Of Premium) 21.89 71.88 28.27 62.10 73.15Less: Net Finance Income Suspended 0.00 0.00 0.00 0.00 0.00Less: Income Attributable to Depositors (380.86) (424.42) (424.39) (434.00) (371.87)Net Finance Income 478.68 492.48 641.15 703.36 845.03Non-Finance Income (65.43) 168.69 101.52 116.12 130.81Gross Income 413.26 661.16 742.67 819.48 975.85Less: Personnel Expenses (161.72) (185.27) (216.46) (228.43) (268.36)Less: Other Operating Expenses (203.28) (232.31) (216.81) (231.88) (269.14)Less: Financing Loss Provisions (1,288.72) (20.18) 7.55 (123.29) (124.72)Less: Non-Recurring Items 0.00 (11.42) 0.00 0.00 0.00Share of results of Associated Companies 0.00 0.00 0.00 0.00 0.00Pre-Tax Profit/(Loss) (1,240.47) 211.97 316.94 235.87 313.63Less: Taxation (19.90) (4.35) 72.66 (73.99) (100.35)Net Profit/(Loss) (1,260.37) 207.62 389.60 161.88 213.28Less: Minority Interests 0.00 0.00 0.00 0.00 (0.00)Less: T ransfer To Statutory Reserves 0.00 (116.23) (192.06) (80.30) (97.37)Less: T ransfer To Other Reserves 0.00 0.00 0.00 0.00 0.00Less: Dividend 0.00 0.00 0.00 0.00 (19.12)Post-Appropriation Profit/(Loss) (1,260.37) 91.39 197.54 81.57 96.79

FINANCIAL SUMMARY Bank Islam Malaysia Berhad - Group


unauditedKEY FINANCIAL RATIOS (%) 30-Jun-06 30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10PROFITABILITYNet Financing Margin 3.14% 2.93% 3.01% 2.76% 2.92%Non-Financing Income Margin (0.43%) 1.00% 0.48% 0.45% 0.45%Cost To Income 88.32% 63.16% 58.34% 56.17% 55.08%Cost Over Total Average Assets 2.40% 2.48% 2.03% 1.80% 1.86%Return On Assets (8.15%) 1.26% 1.49% 0.92% 1.08%Return On Equity (514.57%) 54.98% 27.11% 16.55% 16.13%Dividend Payout 0.00% 0.00% 0.00% 0.00% 8.96%ASSET QUALITYGross NPFs Ratio 22.11% 22.36% 18.64% 12.70% 7.64%Net NPFs Ratio 9.15% 11.42% 7.82% 4.90% 3.24%3-months Past Due Ratio 29.33% 27.81% 24.16% 16.81% 7.64%Net NPFs To Total Assets 5.51% 5.15% 3.06% 1.75% 1.22%Specific Financing Loss Provisions For Current Period 11.55% 2.70% 2.97% 2.87% 3.33%Gross NPFs Coverage 71.97% 63.03% 71.67% 77.12% 78.27%Financing Loss Reserve Coverage 15.91% 14.09% 13.36% 9.79% 5.98%General Financing Loss Reserve Coverage 1.91% 1.98% 1.83% 1.74% 1.50%LIQUIDITY & FUNDINGLiquid Asset Ratio 35.52% 55.16% 62.26% 67.37% 67.45%Interbank Deposits To Total Profit Bearing Funds 0.43% 0.19% 0.27% 0.03% 1.37%Customer Deposits To Total Profit Bearing Funds 98.19% 98.64% 94.75% 98.47% 97.53%Financing To Deposits Ratio 60.17% 47.91% 43.66% 38.33% 42.30%Financing To Stable Funds Ratio 60.02% 44.55% 39.05% 35.57% 38.48%CAPITAL ADEQUACYShareholders' Funds To Total Assets (1.70%) 5.35% 5.60% 5.57% 7.77%Tier 1 Risk Weighted Capital Adequacy Ratio (2.47%) 9.74% 11.27% 12.25% 15.64%Overall Risk Weighted Capital Adequacy Ratio (2.47%) 12.10% 13.15% 13.87% 16.87%Internal Rate Of Capital Generation (441.13%) 54.65% 33.32% 11.36% 10.12%

Note : * annualised Note: NPF classification as at end-June 2010 on a 3-months past due basis. Previous time-based NPF classification on a 6-months past due basis.

FINANCIAL RATIOS Bank Islam Malaysia Berhad - Group


KEY FINANCIAL RATIOS FORMULAEPROFITABILITYNet Financing Margin Net Finance Income / Average Total AssetsNon-Financing Income Margin Non-Finance Income / Average Total AssetsCost To Income (Personnel & Other Operating Expenses) / Gross IncomeCost Over Total Average Assets (Personnel & Other Operating Expenses) / Average Total AssetsReturn On Assets Pre-Tax Profit/(Loss) / Average Total AssetsReturn On Equity Pre-Tax Profit/(Loss) / Average Shareholders' FundsDividend Payout Dividends / Net Profit/(Loss)ASSET QUALITYGross NPFs Ratio (Total Non-Performing Financing - Finance-Income-In-Suspense) /

(Gross Financing - Finance-Income-In-Suspense)Net NPFs Ratio (Total Non-Performing Financing - Specific Financing Loss Reserves - Finance-Income-In-Suspense) / (Gross Financing - Specific Financing Loss Reserves - Finance-Income-In-Suspense)3-months Past Due Ratio 3-months Past Due Financing /(Gross Financing - Finance-Income-In-Suspense)Specific Financing Loss Provisions Specific Financing Loss Provisions For The Period / Average Gross Financing

For Current PeriodGross NPFs Coverage General & Specific Financing Loss Reserves (B/S) /

(Total Non-Performing Financing - Finance-Income-In-Suspense)Financing Loss Reserve Coverage General & Specific Financing Loss Reserves (B/S) /

(Gross Financing - Finance-Income-In-Suspense)General Financing Loss Reserve Coverage General Financing Loss Reserves / (Gross Financing - Specific Financing Loss Reserves - Finance-Income-In-Suspense)Gross Financing Gross Financing Include Financing Sold To CAGAMASLIQUIDITY & FUNDINGLiquid Asset Ratio Liquid Assets / Customer Deposits & Short-Term FundsFinancing To Deposits Ratio Net Financing / Customer DepositsFinancing To Stable Funds Ratio Net Financing / (Shareholders' Funds + Total Profit Bearing Funds + General Financing Loss Reserves - Interbank Funding - Property, Plant & Equipment - Investments in Subsidiaries/Associates)Short-Term Funds Interbank Deposits + Bills & Acceptances + Securities Sold Under ReposLiquid Assets Cash & Short-Term Funds + Securities Purchased Under Repos + Deposits & Placements With

Financial Institutions + Quoted Securities (Excluding Securities Held-To-Maturity)Total Profit Bearing Funds Customer Deposits + Interbank + Bills & Acceptances + Securities Sold Under Repos + Borrowing

+ Supplementary CapitalCAPITAL ADEQUACYInternal Rate Of Capital Generation (Net Profit/(Loss) + Extraordinary Income - Dividend + General Financing Loss Provision) /

Average Shareholders' Funds

FINANCIAL RATIOS Bank Islam Malaysia Berhad - Group


CREDIT RATING DEFINITIONS

Financial Institution Ratings

Long-Term Ratings

AAA

AA

A

BBB

BB

B

C

D

Short-Term Ratings

P1

P2

P3

NP

D

A financial institution rated AAA has a superior capacity to meet its financial obligations. This is the highest long-term FIRassigned by RAM Ratings.

A financial institution rated AA has a strong capacity to meet its financial obligations. The financial institution is resilientagainst adverse changes in circumstances, economic conditions and/or operating environments.

A financial institution rated A has an adequate capacity to meet its financial obligations. The financial institution is moresusceptible to adverse changes in circumstances, economic conditions and/or operating environments than those inhigher-rated categories.

A financial institution rated BBB has a moderate capacity to meet its financial obligations. The financial institution is morelikely to be weakened by adverse changes in circumstances, economic conditions and/or operating environments thanthose in higher-rated categories. This is the lowest investment-grade category.

A financial institution rated BB has a weak capacity to meet its financial obligations. The financial institution is highlyvulnerable to adverse changes in circumstances, economicconditionsand/or operating environments.

A financial institution rated B has a very weak capacity to meet its financial obligations. The financial institution has alimited ability to withstand adverse changes in circumstances, economicconditionsand/oroperating environments.

A financial institution rated C has a high likelihood of defaulting on its financial obligations. The financial institution ishighly dependent on favourable changes in circumstances, economic conditions and/or operating environments, the lackof which would likely result in it defaultingon its financial obligations.

A financial institution rated D is currently in default on either all or a substantial portion of its financial obligations, whetheror not formally declared. The D rating may also reflect the filing of bankruptcy and/or other actions pertaining to thefinancial institution that could jeopardise the payment of financial obligations.

A financial institution rated P1 has a strong capacity to meet its short-term financial obligations. This is the highest short-term FIR assigned by RAM Ratings.

A financial institution rated P2 has an adequate capacity to meet its short-term financial obligations. The financialinstitution is more susceptible to the effectsof deteriorating circumstances than thosein the highest-rated category.

A financial institution rated P3 has a moderate capacity to meet its short-term financial obligations. The financialinstitution is more likely to be weakened by the effects of deteriorating circumstances than those in higher-ratedcategories. This is the lowest investment-grade category.

A financial institution rated NP has a doubtful capacity to meet its short-term financial obligations. The financial institutionfaces major uncertainties that could compromise its capacity for payment of financial obligations.

A financial institution rated D is currently in default on either all or a substantial portion of its financial obligations, whetheror not formally declared. The D rating may also reflect the filing of bankruptcy and/or other actions pertaining to thefinancial institution that could jeopardise the payment of financial obligations.

For long-term ratings, RAM Ratings applies subscripts 1, 2 or 3 in each rating category from AA to C. The subscript 1 indicates that thefinancial institution ranks at the higher end of its generic rating category; the subscript 2 indicates a mid-ranking; and the subscript 3indicates that the financial institution ranks at the lower end of its generic rating category.

A Financial Institution Rating ("FIR") is RAM Ratings' current opinion on the overall capacity of a financial institution to meetits financial obligations. The opinion is not specific to any particular financial obligation, as it does not take into account theexpressed terms and conditions of any specific financial obligation.


RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.

Published by RAM Rating Services Berhad Reproduction or transmission in any form is prohibited except by

permission from RAM Ratings. © Copyright 2010 by RAM Ratings

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BANK ISLAM MALAYSIA BERHAD · 2014-08-07 · Bank Islam Malaysia Berhad 3 investment-holding...

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