Islamic Finance 

Malaysia: CIMB Bank offers 0.10 pct lower interest rate for new hybrid vehicle and GBI-certified residential properties

| 13 September, 2018
 NST Business


CIMB Bank Bhd (CIMB Bank) and CIMB Islamic Bank Bhd (CIMB Islamic) have rolled out preferential financing rates for new hybrid vehicles and residential properties certified under the Green Building Index (GBI).

In a statement released today, the bank said the move marks another significant step towards the CIMB Group’s embracing of environmental, social and governance (ESG) principles Group-wide.

CIMB customers will be offered 10 basis points (0.10 per cent) lower interest rate versus the applicable promotion interest rate for new hybrid vehicles as well as for GBI-certified residential properties.

The bank said these offers support its commitment to embed sustainability principles Group-wide, while also supporting the global initiative for responsible banking, through the group’s membership of the United Nations’ (UN) Environment Programme Finance Initiative Principles for Responsible Banking (UNEP-FI).

CIMB Group group consumer banking chief executive officer Samir Gupta said the bank’s strong regional footprint represents its responsibility to help shape the region’s environmental agenda through responsible banking.

“We are pleased to be the first bank in Malaysia to introduce lower financing rates for vehicles and properties that are environmentally friendlier – proof that we are putting our ESG commitment into action,” he said.

Samir added this was another significant step towards fulfilling CIMB’s commitment to embed ESG into its business model.

“We look forward to introducing more products and services that will result in a more positive impact on the environment and communities,” he said.

CIMB Group, group Islamic Banking chief executive officer Rafe Haneef said the lower-financing banking products not only add value to its customers, but also a meaningful step towards fulfilling the bank’s commitment to achieve UNEP-FI’s objectives.

Rafe said this would ensure the banking industry creates a positive impact not just economically, but also socially and environmentally.

“Our membership of the UNEP-FI also supports Bank Negara Malaysia’s Value-Based Intermediation strategy for the Islamic banking industry, as well as CIMB’s own ongoing initiative to embed sustainability into all aspects of our operations Group-wide,” Rade added.

CIMB Group is currently the only banking group in Malaysia and Asean to be a founding member of the sustainable initiative, together with 26 other leading banks from five continents and 19 countries.

Copyright New Straits Times