KUALA LUMPUR, Oct 18 — Bank Islam Malaysia Bhd is hoping that more incentives would be considered for financial institutions and alternative financing providers during the tabling of Budget 2022 in Parliament on October 29, 2021.
“Incentives could be in the form of waiver in stamp duty for financing contracts and tax exemption on income received by the investors when investing in collaborated products among banks and alternative financing providers,” he said. Mohd Muazzam also said the government should consider an allocation of special grants or funds, non-deposit based for banks to develop special financing programmes such as microfinancing to the unbanked or the underserved.
“The Islamic banking institution has been embarking on social finance initiatives and it augurs well with the plan to introduce a more holistic approach, especially on Waqf. “Rejuvenating the sector would also mean a more balanced growth strategy by reducing congestion in urban areas and providing commercial activities in rural areas,” he said.
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