KUALA LUMPUR: Bank Muamalat Malaysia Bhd says it will increase its base rate (BR) from 3.75 per cent to 4.00 per cent per annum and base lending rate (BFR) from 6.75 per cent to 7.00 per cent per annum, effective February 2.
The Islamic bank said the revision was in tandem with Bank Negara Malaysia’s recent decision to increase the Overnight Policy Rate (OPR) to 3.25 per cent.
Bank Muamalat chief executive officer Datuk Mohd Redza Shah said the increase was in line with the market, hence it will effectively impact all floating rate financing packages pegged to BR and BFR.
“We shall continue to manage our assets and liabilities responsibly and meet stakeholders’ expectations. We are also actively engaging to further expand its business,” he said in a statement today.
The bank’s fixed term deposit board rates also increased up to 25 basis points.
Bank Muamalat also said its current home financing package for 30 years maturity has no lock-in period and financing amount of RM350,000 with BR + 1.00 per cent, subject to ceiling rate of 10.50 per cent and the bank’s standard mortgage terms and conditions.