Maybank has forecast a spike in online festive giving in Malaysia via its platform this year.
Datuk Hamirullah Boorhan, Maybank’s Head of Community Financial Services Malaysia says that the bank is expecting a 30% rise in the volume of eDuit Raya transactions performed, and projects more than RM33 million worth of eDuit Raya being sent amongst family and friends. Duit Raya are gifts of cash given to children in paper envelopes during Eid al-Fitr (Hari Raya Aidilfitri) visits by those who are older.
He added that eDuit Raya has gained much popularity since its launch in 2015. “Over the years,
we have been enhancing the eDuit Raya feature which has contributed to its strong acceptance.
After the Raya QR was introduced in 2018, the transaction volume grew by more than 10 times
while transaction value almost doubled. We continued to see exponential growth in 2019 with more
than 700,000 transactions for eDuit Raya,” he said.
The eDuit Raya can be given in two ways – via Raya QR on the Maybank2u App - a peer-to-peer transaction method whereby the giver scans the receiver's QR code - or via a phone number using the
MAE e-wallet in the Maybank2u App. It is open to all, including non-Maybank customers, who can
sign up for MAE from the Maybank2u App fully online, and start using the feature immediately. MAE is the first and only shari'ah-compliant e-wallet in Malaysia.
Datuk Hamirullah also announced that as an added convenience this year, the bank has expanded
the list of zakat bodies collecting zakat fitrah online. QRPay Zakat Fitrah services will enable customers to fulfil their obligations this Ramadhan via Maybank2u and Maybank QRPay securely and conveniently. With these cashless options, he projected that zakat fitrah payments via Maybank would grow by more than 100% in 2020.
“The convenience in having the eDuit Raya and zakat fitrah online services is particularly significant this year as we have to observe social distancing, crowd control and limit travelling while celebrating this festivity,” he said.
“But as the spirit of giving is important and encouraged during the holy month of Ramadhan and Hari Raya, we want to enable our customers to fulfil their obligations of paying zakat, and keep the tradition of giving duit Raya to their loved ones despite the constraints. With Maybank2u, we can continue to share our blessings and help the less fortunate while prioritising safety.”
Zakat fitrah can be paid online via the Maybank2u website while customers who prefer to use the
QRPay Zakat Fitrah only need to scan the QR code on the respective state zakat board’s websites to
make payment through their Maybank2u App. Currently, 10 State zakat bodies accept payments via
Maybank2u – Kedah, Kelantan, Penang, Perak, Perlis, Sabah, Sarawak, Selangor, Terengganu and
Wilayah Persekutuan - while Penang, Wilayah Persekutuan, Sarawak and Perak are also able to
accept payment via QRPay.
Maybank is also rewarding customers through the Raya Paling Gempak (RPG) campaign with prizes worth up to RM2 million. During the campaign period, customers can also donate to the less fortunate customers via Maybank2u website and app. Additionally, Maybank2u App users can choose to donate the cash rewards they receive from campaign initiatives to the MaybankHeart’s People’s Campaign, which aims to raise funds for at risk communities during the COVID-19 outbreak. This feature was first introduced in 2019 and raised over RM600,000 in donations for the less fortunate during the various festive seasons last year.
Zakat fitrah is an obligation on a Muslim and his dependents such as his
wife, children who have not reached maturity, and parents. The person should possess more assets than he and his dependents need on Eid al-Fitr. If he is unable to pay zakat fitrah, the dependents may pay on it for themselves and on his behalf. For those who fast, it redresses sins that occurred during fasting. The money is given to the needy.
Showing posts with label Maybank. Show all posts
Showing posts with label Maybank. Show all posts
Wednesday, 20 May 2020
Thursday, 19 November 2015
2015 batch of Nukilan Jiwaku VSA Mentorship Programme graduate
Participants of a pioneer training programme in art organised by Maybank Foundation through a partnership with the Malaysian Council for Rehabilitation (MCR) and Universiti Malaya (UM) have received their graduation certificates.
The 29 disabled participants had attended the course at Akademi Pengajian Melayu, UM from November 2014 and March 2015, which leads to the Nukilan Jiwaku Very Special Arts (VSA) Mentorship Programme Certificate that is accredited by UM.
Nukilan Jiwaku began as a volunteer programme in 2012 by the employees of Maybank’s Group Risk who, supported by the Maybank Foundation, helped people with disabilities by teaching them to manage their own businesses and become economically self-sufficient. Part of this programme also included providing those with artistic skills as an avenue to display their creative works at Balai Seni Maybank.
Two exhibitions held in 2012 and 2013 generated sales of over RM67,000, which were channelled back to the special artists. The Maybank Foundation subsequently worked with MCR and UM to design structured programmes that would enable the PWDs to further enhance their skills especially in visual arts, to help them improve their income, and at the same time, enable them to receive accreditation from a recognised academic institution.
The Nukilan Jiwaku VSA Mentorship Programme is the first such collaboration between the private, public and academia that provides an opportunity to persons with disabilities who would otherwise not have access to the expertise and guidance that many art college students are exposed to or follow the academic route to an art education.
The programme also aims to revolutionise the local creative arts industry as part of a human capacity development initiative that will see the Maybank Foundation nurture and develop an alternative pool of artists with their own intrinsic sense of creativity.
The 29 disabled participants had attended the course at Akademi Pengajian Melayu, UM from November 2014 and March 2015, which leads to the Nukilan Jiwaku Very Special Arts (VSA) Mentorship Programme Certificate that is accredited by UM.
Chairman of Maybank and Maybank Foundation, Tan Sri Megat Zaharuddin Megat Mohd Nor said arts enable us to imagine the unimaginable and connect to the past, the present and the future. “Therefore, through programmes like Nukilan Jiwaku, Maybank hopes to make a difference to the lives of artists like yourselves, who in return will inspire us with the quality of your artwork whether they are in the form of batik painting, fine arts, acrylic painting or others,” he said at the graduation ceremony.
"Arts and culture make up a very important part of our corporate responsibility programme. In turn, corporate responsibility forms an integral component to our business. As Maybankers, we genuinely believe in bettering the lives of the communities that we serve, especially of people in the vulnerable groups. We believe that to truly live up to our powerful mission of humanising financial services, we have to go beyond banking, reach out to the very heart of the communities we serve and play the role of enabling society.”
The Nukilan Jiwaku VSA Mentorship Programme is one of Maybank Foundation’s initiatives to empower the disabled through capacity building and knowledge transfer so that they are able to enjoy economic independence and financial inclusion.
A total of 10 structured learning modules in the area of acrylic and batik painting were tailor made to help improve participants' techniques and creativity. Apart from the formal graduation ceremony, the success of the participants also demonstrated their new skills in an art exhibition at Balai Seni Maybank.
"Arts and culture make up a very important part of our corporate responsibility programme. In turn, corporate responsibility forms an integral component to our business. As Maybankers, we genuinely believe in bettering the lives of the communities that we serve, especially of people in the vulnerable groups. We believe that to truly live up to our powerful mission of humanising financial services, we have to go beyond banking, reach out to the very heart of the communities we serve and play the role of enabling society.”
The Nukilan Jiwaku VSA Mentorship Programme is one of Maybank Foundation’s initiatives to empower the disabled through capacity building and knowledge transfer so that they are able to enjoy economic independence and financial inclusion.
A total of 10 structured learning modules in the area of acrylic and batik painting were tailor made to help improve participants' techniques and creativity. Apart from the formal graduation ceremony, the success of the participants also demonstrated their new skills in an art exhibition at Balai Seni Maybank.
Nukilan Jiwaku began as a volunteer programme in 2012 by the employees of Maybank’s Group Risk who, supported by the Maybank Foundation, helped people with disabilities by teaching them to manage their own businesses and become economically self-sufficient. Part of this programme also included providing those with artistic skills as an avenue to display their creative works at Balai Seni Maybank.
Two exhibitions held in 2012 and 2013 generated sales of over RM67,000, which were channelled back to the special artists. The Maybank Foundation subsequently worked with MCR and UM to design structured programmes that would enable the PWDs to further enhance their skills especially in visual arts, to help them improve their income, and at the same time, enable them to receive accreditation from a recognised academic institution.
The Nukilan Jiwaku VSA Mentorship Programme is the first such collaboration between the private, public and academia that provides an opportunity to persons with disabilities who would otherwise not have access to the expertise and guidance that many art college students are exposed to or follow the academic route to an art education.
The programme also aims to revolutionise the local creative arts industry as part of a human capacity development initiative that will see the Maybank Foundation nurture and develop an alternative pool of artists with their own intrinsic sense of creativity.
Sunday, 9 August 2015
INCEIF congratulates Dato’ Muzaffar Hisham
 |
| Source: INCEIF. Dato' Muzaffar. |
As CEO of Maybank Islamic, Dato’ Muzaffar and the bank have been supportive of INCEIF’s initiatives to develop high calibre Islamic financial services professionals, INCEIF noted. The bank has offered scholarships for Malaysians and Indonesians, where Maybank Group has operations, to study at INCEIF, a university of Islamic finance. It has also contributed towards the upgrade of INCEIF’s auditorium on campus which was named Maybank Islamic Auditorium in honour of its RM1.5 million sponsorship.
Dato’ Muzaffar’s conferment is a testament of his invaluable contributions towards the development of the Islamic financial service industry, in Malaysia and globally. "All of us at INCEIF wish him the very best for the future and may the bank and him continue to extend the support to INCEIF in our quest to contribute towards the betterment of the industry," the organisation said in a statement.
Tuesday, 24 February 2015
Maybank Islamic Shariah Centre of Excellence launched
Maybank Islamic’s Shariah Centre of Excellence (SCoE), the first such initiative in the country by a financial institution, was officially launched today by Bank Negara Governor Tan Sri Dato’ Sri Dr Zeti Akhtar Aziz.
In conjunction with the launch, Maybank Islamic also announced a few collaborative initiatives with INCEIF, The Global University of Islamic Finance.
The SCoE, conceptualised by Maybank Islamic, aims to be the reference point on shari'ah matters and best practices for industry players, regulatory and academic fraternities, and the general public within the areas of shari'ah governance and the Islamic finance industry as a whole, research and education, talent development, thought leadership and community welfare.
The initiative with INCEIF is via Maybank Islamic’s sponsorship of the INCEIF auditorium at a cost of RM1 million, which encompasses a public lecture series, sponsorship of students and a reference book.
Maybank Islamic chairman Dato’ Seri Ismail Shahudin said the public lecture series, which fulfils a thought leadership agenda, will be a biannual event. The first lecture was conducted today by Professor Abbas Mirakhor, who was First Holder, INCEIF Chair of Islamic Finance.
“The other initiatives include developing talent via the the sponsorship of 15 post-graduate Shari'ah Scholars, including three from Asean countries at RM30,000 per student annually – the first by an Islamic bank; and the sponsorship of a reference book titled Shariah Non Compliance Risk & Legal Documentations by INCEIF Associate Professor Dr Ahcene Lahsasna, who is also MIB Shariah committee member,” he said.
Dato’ Seri Ismail said the establishment of SCoE is meaningful for Maybank Islamic not just due to its aspiration to a be a global leader in Islamic finance, but also through the ability to contribute to the development of Islamic finance professionals globally and make Malaysia an Islamic finance centre of excellence.
“Our collaborative initiatives with INCEIF are very much aligned with INCEIF’s objective, that is to address the growing prominence of Islamic finance and developing human capital for the global market,” he said adding that the public can get access to more information on these and other initiatives at a dedicated SCoE website.
Maybank Islamic CEO Muzaffar Hisham said the SCoE is a solid commitment by Maybank Islamic as a leading Islamic bank in the region as it strives to uphold high standards of shari'ah practice in the niche Islamic finance sector.
“Through SCoE and using shari'ah as the basis, Maybank Islamic is committed to continuously provide innovative solutions that can value add in addressing the various economic challenges faced by the community,” he said.
He pointed out that this aligns well with the Islamic Financial Services Act 2013 (IFSA) that is to strengthen shari'ah governance in relation to policies, procedures and operations of Islamic financial institutions.
“We fully embrace the IFSA and we are excited about how it will bring about more innovation in the Islamic finance marketplace,” said Muzaffar.
INCEIF President & CEO Daud Vicary Abdullah said, “INCEIF is honoured to be part of this initiative with Maybank Islamic as with the SCoE - we look forward to improving industry knowledge and raising industry standard where Islamic banking is concerned.
“This proactive and symbiotic collaboration certainly further strengthens INCEIF’s unique position as a university by the industry for the industry. We will continue to be industry-focussed, thus bridging the gap between academia and industry.”
In conjunction with the launch, Maybank Islamic also announced a few collaborative initiatives with INCEIF, The Global University of Islamic Finance.
 |
| Source: INCEIF. |
The SCoE, conceptualised by Maybank Islamic, aims to be the reference point on shari'ah matters and best practices for industry players, regulatory and academic fraternities, and the general public within the areas of shari'ah governance and the Islamic finance industry as a whole, research and education, talent development, thought leadership and community welfare.
The initiative with INCEIF is via Maybank Islamic’s sponsorship of the INCEIF auditorium at a cost of RM1 million, which encompasses a public lecture series, sponsorship of students and a reference book.
Maybank Islamic chairman Dato’ Seri Ismail Shahudin said the public lecture series, which fulfils a thought leadership agenda, will be a biannual event. The first lecture was conducted today by Professor Abbas Mirakhor, who was First Holder, INCEIF Chair of Islamic Finance.
“The other initiatives include developing talent via the the sponsorship of 15 post-graduate Shari'ah Scholars, including three from Asean countries at RM30,000 per student annually – the first by an Islamic bank; and the sponsorship of a reference book titled Shariah Non Compliance Risk & Legal Documentations by INCEIF Associate Professor Dr Ahcene Lahsasna, who is also MIB Shariah committee member,” he said.
Dato’ Seri Ismail said the establishment of SCoE is meaningful for Maybank Islamic not just due to its aspiration to a be a global leader in Islamic finance, but also through the ability to contribute to the development of Islamic finance professionals globally and make Malaysia an Islamic finance centre of excellence.
“Our collaborative initiatives with INCEIF are very much aligned with INCEIF’s objective, that is to address the growing prominence of Islamic finance and developing human capital for the global market,” he said adding that the public can get access to more information on these and other initiatives at a dedicated SCoE website.
Maybank Islamic CEO Muzaffar Hisham said the SCoE is a solid commitment by Maybank Islamic as a leading Islamic bank in the region as it strives to uphold high standards of shari'ah practice in the niche Islamic finance sector.
“Through SCoE and using shari'ah as the basis, Maybank Islamic is committed to continuously provide innovative solutions that can value add in addressing the various economic challenges faced by the community,” he said.
He pointed out that this aligns well with the Islamic Financial Services Act 2013 (IFSA) that is to strengthen shari'ah governance in relation to policies, procedures and operations of Islamic financial institutions.
“We fully embrace the IFSA and we are excited about how it will bring about more innovation in the Islamic finance marketplace,” said Muzaffar.
INCEIF President & CEO Daud Vicary Abdullah said, “INCEIF is honoured to be part of this initiative with Maybank Islamic as with the SCoE - we look forward to improving industry knowledge and raising industry standard where Islamic banking is concerned.
“This proactive and symbiotic collaboration certainly further strengthens INCEIF’s unique position as a university by the industry for the industry. We will continue to be industry-focussed, thus bridging the gap between academia and industry.”
Monday, 13 October 2014
Malaysia introduces new measures to maintain leadership in Islamic finance
Malaysia's Prime Minister and Finance Minister Datuk Seri Najib Tun Razak has made several announcements concerning Islamic finance in his Budget 2015 speech on October 10.
"The Government will introduce a new shari'ah-compliant investment product in 2015 called the Investment Account Platform (IAP). IAP will provide opportunities to investors in financing entrepreneurial activities and developing viable SMEs. At the same time, IAP will be a platform to attract institutional and individual investors including high net worth individuals to invest in the Islamic financial market. Initially, IAP will be implemented with a startup fund of RM150 million," he said.
"To promote investment in IAP, the Government proposes individual investors be given income tax exemption on profits earned from qualifying investment for three consecutive years," he added.
"To boost domestic sukuk and bond issuance and trading, the Government introduced the Exchange Traded Bond and Sukuk (ETBS) in January 2013. The Government proposes that the Malaysian Government Securities and Government Investment Issues be listed and traded in ETBS," he continued.
"In addition, expenses incurred in the issuance of sukuk are given deductions from year of assessment 2003 until year of assessment 2015. Therefore, it is proposed that deduction for expenses incurred in the issuance of sukuk based on ijarah and wakalah principles be extended for another three years until year of assessment 2018."
According to the Prime Minister, Malaysian Islamic finance accounts for 25% of total assets in the banking system, and Malaysia remains as the largest sukuk market internationally, accounting for 60% of the global sukuk market.
Tan Sri Azman Hashim, speaking as Chairman of the Malaysian Investment Banking Association, has praised the government’s efforts to strengthen the financial services industry, especially by promoting Islamic finance at the domestic and international levels.
"The Government will introduce a new shari'ah-compliant investment product in 2015 called the Investment Account Platform (IAP). IAP will provide opportunities to investors in financing entrepreneurial activities and developing viable SMEs. At the same time, IAP will be a platform to attract institutional and individual investors including high net worth individuals to invest in the Islamic financial market. Initially, IAP will be implemented with a startup fund of RM150 million," he said.
"To promote investment in IAP, the Government proposes individual investors be given income tax exemption on profits earned from qualifying investment for three consecutive years," he added.
"To boost domestic sukuk and bond issuance and trading, the Government introduced the Exchange Traded Bond and Sukuk (ETBS) in January 2013. The Government proposes that the Malaysian Government Securities and Government Investment Issues be listed and traded in ETBS," he continued.
"In addition, expenses incurred in the issuance of sukuk are given deductions from year of assessment 2003 until year of assessment 2015. Therefore, it is proposed that deduction for expenses incurred in the issuance of sukuk based on ijarah and wakalah principles be extended for another three years until year of assessment 2018."
According to the Prime Minister, Malaysian Islamic finance accounts for 25% of total assets in the banking system, and Malaysia remains as the largest sukuk market internationally, accounting for 60% of the global sukuk market.
"The Government has encouraged developing a new shari'ah-compliant investment product in 2015 called the Investment Account Platform (IAP). It will provide opportunities to investors in financing entrepreneurial activities, developing viable SMEs and will serve as a platform to attract institutional and individual investors including high net worth individuals to invest in the Islamic finance market.
"The Budget 2015 has also proposed that deduction for expenses incurred in the issuance of sukuk based on ijarah and wakalah principles be extended for another three years until year of assessment 2018. We believe these measures will help promote Malaysia as a preferred destination of Islamic finance as we will be able to leverage on our robust and comprehensive Islamic finance ecosystem as well as pro-business environment," he said.
"The Budget 2015 has also proposed that deduction for expenses incurred in the issuance of sukuk based on ijarah and wakalah principles be extended for another three years until year of assessment 2018. We believe these measures will help promote Malaysia as a preferred destination of Islamic finance as we will be able to leverage on our robust and comprehensive Islamic finance ecosystem as well as pro-business environment," he said.
"At
Maybank, we are very pleased to note that Budget 2015 placed the
financial system's direct and facilitative roles in the economy's growth
and development, high on the agenda. At the outset, the Budget sets out
to invigorate services sector, where financial services, accounting for
16% of services sector GDP – make it the largest activities within
services," noted Datuk Abdul Farid Alias, Group President & CEO of Maybank, who is also Chairman of the Association of Banks Malaysia.
"This is evident with measures like the
extension of deduction for expenses incurred in the issuance of sukuk
under ijarah and wakalah principles until 2018, as well as the
incentives for SMEs, such as the shari'ah-compliant Investment Account
Platform (IAP), the RM5 billion Services Sector Guarantee Scheme and the
proposed 1 percentage point cut in SME income tax rate for assessment
year 2016. The IAP in particular offers great news for the Islamic
banking industry and more specifically for Maybank Islamic, as we are
among the few Islamic banks which are embracing the Investment Account
enhancement under the Islamic Financial Service Act (IFSA).
"We believe
the Investment Account Platform (IAP) is moving the industry to the
right direction. We also see opportunities from capital allowance
incentives for automation in labour-intensive industries which are
predominantly in the SME space. These gel nicely with Maybank's
strategies of 'Islamic First' and growing our SME financing, and will
further boost the banking industry’s effort to innovate and create
further value for our customers and our stakeholders."
Wednesday, 13 August 2014
Maybank launches Etiqa Life Insurance in Singapore
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| Source: Etiqa Insurance website. |
Etiqa provides general insurance and takaful solutions. It has been present in Singapore for the past 50 years as a branch of its Malaysian office. Today, Etiqa is the exclusive insurance provider for the Housing and Development Board (HDB) fire insurance scheme.
Following the approval by the Singapore Monetary Authority of Singapore on 13 June 2014, Etiqa is now a licensed life and general insurance company. This marks the company’s foray into the local life insurance market.
Datuk Lim Hong Tat, CEO of Maybank Singapore and Head of Group Community Financial Services said, “Etiqa’s entry into Singapore’s life insurance market will provide consumers with greater choice and will ensure that our customers are served more holistically by all of us in the Maybank Group.”
Lim added, “We’re looking to Etiqa to increase Maybank’s market share and presence in Singapore. This is an exciting time for us, and we’re confident that Etiqa’s offerings will be welcomed by consumers as we continue to deepen our relationship with them.”
Maybank Singapore's bancassurance revenue has been growing at an average annual rate of more than 50% over the last three years.
“Life insurance will continue to be a cornerstone in a consumer’s financial portfolio,” said Sue Chi Kong, CEO of Etiqa Insurance.
“The life insurance industry achieved a 24% growth for the first quarter of the year1, and continues to make strong headwinds as it remains an area of focus among the public.
“Coupled with the rising affluence in Singapore and increasing awareness about the need to plan for retirement and other life needs, we see strong potential in this sector and are proud to be expanding our offer from general to life insurance to make a difference in the life of our customers,” Sue said.
“Etiqa firmly believes in placing people over policies, backed by its promise to understand consumers’ needs and to make insurance easy to understand.”
Etiqa aims to be a Top 10 life insurer in Singapore within the next five years. The launch of Etiqa comes at the conclusion of Maybank’s 10-year partnership with Prudential Assurance. Under the agreement of 2004, Maybank exclusively offered Prudential’s life insurance products through its sales channels in Singapore.
Etiqa will launch 12 products and nine riders in Singapore to address the protection and savings needs of customers. To celebrate the company’s launch, Etiqa will be running a series of promotions and road shows. Customers can visit any Maybank branch for more details.
Etiqa will launch 12 products and nine riders in Singapore to address the protection and savings needs of customers. To celebrate the company’s launch, Etiqa will be running a series of promotions and road shows. Customers can visit any Maybank branch for more details.
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