RHB Expects RM400 Mln Deposits And Financing From New Service

Bernama) -- With its new Az Zahra Privilege Ladies Banking, RHB Islamic Bank aims to secure about RM400 million worth of deposits and financing from 500 high net worth women this year.

"It is about 20 percent of the targeted total deposits and financing of RHB Islamic for this year," its managing director Jamelah Jamaluddin told reporters at the product launch here Wednesday.

The service concept was mooted on the basis that women in general were now more involved in development of the nation's economy, she said.

This provided an opportunity for RHB Islamic to develop a customised set of Syariah-based products and services for women, Jamelah said.

Az Zahra is being positioned as an exclusive banking service to cater for high net worth women whereby they will enjoy personalised service and products with preferential rates and discounts, she said.

Jamelah said RHB Islamic will open dedicated Privilege Ladies Banking lounges in Penang and Johor Baharu besides the current lounge at its main branch in Kuala Lumpur.

According to her, the new product has already received good response as RHB Islamic received about RM10.5 million in deposits and financing following the soft launch in February this year.

Az Zahra membership is open for discerning and privileged women able to meet criteria such as a minimum home financing of RM250,000, minimum auto financing of RM150,000 or minimum total combined deposits of RM50,000, she said.

Jamelah said by having the new service and other new products in the pipeline, RHB Islamic was confident of contributing 20 percent to the group's revenue this year from 10 percent previously.

RHB Capital Bhd posted a higher revenue of RM6.156 billion in its financial year ended Dec 31, 2007, from RM5.506 billion the year before.

RHB Islamic Bank is wholly owned by RHB Bank, while its asset management and unit trust businesses are held under RHB Investment Management Bhd, a wholly owned subsidiary of RHB Investment Bank.

The RHB Banking Group is the fourth largest fully integrated financial products and services group in Malaysia.

Its four broad categories of businesses -- commercial banking, Islamic banking, investment banking and insurance -- are collectively grouped under RHB Capital, which is listed on Bursa Malaysia.

The groups businesses are offered through its main subsidiaries -- RHB Bank and RHB Investment, which are wholly owned by RHB Capital, and RHB Insurance, which is 79.5 percent owned by RHB Capital.