KUALA LUMPUR: CIMB Bank Bhd, together with CIMB Islamic Bank Bhd, and Juwai IQI have entered into a partnership to provide property financing to Juwai IQI customers in Malaysia.
In a statement today, CIMB said the partnership will also allow direct access to the bank's suite of investment solutions and exclusive benefits, providing a one-stop centre for a wide range of financial needs.
CIMB Islamic chief executive officer (CEO) Ahmad Shahriman Mohd Shariff said the bank would be the first Malaysian-based bank to offer shariah-compliant and sustainable solutions to Juwai IQI's customers, including financing, takaful, deposits, investments and other banking services.
Based on Bank Negara Malaysia's monthly loan application data, the value of home loan applications grew 86 per cent year-on-year to RM179.4 billion in the first half (1H) ended June 30, 2021 from RM96.4 billion in the 1H 2020.
Ahmad Shahriman said with the Overnight Policy Rate at a record low of 1.75 per cent, consumers were taking advantage of mortgage rates as well as looking at other asset classes to generate higher yields.
"We foresee a stronger growth for our consumer banking business this year and anticipate higher demand for real estate in the country and Asean as a whole in line with the global economic recovery," he said.
Juwai IQI has been operating in Malaysia since 2012 and is present in 10 states.
It sells and rents properties with a combined value of over US$1 billion in total in 2020, having tripled its agency force to 15,000 globally in the same year.
Juwai IQI co-founder and group CEO Kashif Ansari said since making Malaysia the company's regional Southeast Asian headquarters for its real estate business in 2016, the company had grown tenfold as a leading Asean proptech group.
"We are looking forward to this partnership," he said.
