Bank Islam in Malaysia, which has reported a 34.3% growth in profits (year-on-year) has credited structured products for playing a part in driving the firm's income upwards.
Announcing a profit of MYR313m ($100.8m) for the financial year ending June 2010, the bank said that a 5.9% growth in deposits to MYR26.7bn ($8.6bn) was helped by two new deposit products including Ziyad, a structured deposit investment product launched last November, and the Waheed-i, a Wakalah-based deposit product launched in February.
MD Datuk Seri Zukri Samat said, however, that the biggest growth driver was consumer financing, which contributed to 90% of the growth.
Zukri said the bank would continue to diversify its revenue streams, especially its fee-based revenue.