Bank Islam Malaysia is planning to launch a new structured deposit as it seeks to boost its 2.3m account holders by 5% by Jun 2010.
The Shariah-compliant deposit is to target at least MYR300m ($87.6m) and is expected to be similar to An Najah NID-i , a three-year deposit linked to the Baraka Ageing Population Index, provided by Société Générale, which the bank launched in September last year.
This year the bank also launched Al-Awfar, a savings account that enables account holders to earn profit on deposits as well as participating in a cash prize draw of up to MYR100,000 ($29,197) each quarter.
Bank Islam hopes to grow its non fund-based income by double digits, said general manager of consumer banking, Khairul Kamarudin.