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MANAGEMENT
DISCUSSION & ANAlYSIS

The potential of waqf was further expanded by BIMB Investment
through the creation of Makmur myWakaf Fund. By investing in
the fund, investors are given the opportunity to gain returns on the
investments and share a portion of the returns generated for the good
of the society. By making allowance for the portion of the returns
to be endowed as contribution to the society on an on-going basis,
the introduction of Makmur myWakaf fund signals a continuous
INTEGRATED ANNUAL REPORT 2020 A signatory of the United Nations-supported Principles for
commitment to strengthening the role of waqf in becoming an
instrument of good for the society.

Responsible Investment (“UNPRI”), BIMB Investment is the
only bank-backed Islamic Asset Manager in Southeast Asia. BIMB
Investment has been named ESG Asset Manager of the Year for
two consecutive years in 2019 and 2020 by The Asset Triple A Islamic
Finance Awards 2020. A multi-currency, Shariah-compliant global
mixed asset fund that supports the Malaysian International Islamic through the VAO platform every month, thus significantly
74 Financial Centre (“MIFC”) initiatives, Makmur myWakaf Fund is the reducing queues and over-the-counter account openings.
first waqf unit trust fund to be listed under the Securities Commission Encouraged by the support received from the market, the
Bank then went on to develop its mobile banking app,
Malaysia’s Waqf-Featured Fund Framework, which was introduced on GO by Bank Islam, which attracted more than 500,000
BIMB HOLDINGS BERHAD 199701008362 (423858-X) Expanding Reach through Digital Technology September 2020, more than RM2.4 billion in transaction
12 November 2020, and a Qualified SRI Fund under the SC Guidelines
users with an average growth of usage of 50% from March
on SRI Funds. The fund is targeted to hit RM50 million in asset under
2020 when the MCO was enforced. Between March and
management (“AUM”) by the end of 2021.
amount was recorded through this app.
As part of its digital strategy to facilitate customers with
The constant development towards greater digitalisation of financial
seamless access to a broad range of takaful products
services, including banking and takaful industry benefits economies
and services through digital channels, Takaful Malaysia
and societies as a whole, ensuring that customers have access to an
continues to innovate and deliver comprehensive
extensive range of product offerings and services via digital channels.
In 2020, COVID-19 accelerated the Group’s digital journey as
advancements to cater to the need of a diversified
customers are increasingly relying on digital technology and online
portfolio of customers. Its pioneering Click for Cover app
channels to perform their day-to-day transactions. financial solutions by leveraging the latest technological
has been enhanced with additional features, such as the
In response to the government’s plan to allow the creation of virtual Tele Bantuan services where participants can submit
banks to address market gaps in the underserved and unserved a request for roadside assistance; monitor the real time
segments, Bank Islam has allocated its resources for the establishment location of the tow truck; and search for the nearest panel
Centre of Digital Experience (“CDX”) in 2020, which aims to explore workshop within their vicinity for immediate assistance. In
experimental new businesses and technologies in building a challenger addition, members of Takaful Malaysia’s employee benefits
bank and mobile banking app that provides next-level banking for the scheme can utilise the app to find out more about their
discerning and contemporary consumers. The future envisioned with certificate details; locate the nearest panel hospitals or
CDX setup will have zero reliance on physical branches, less employee clinics and pinpoint geographical locations; and present
requirements and better features aimed at driving financial literacy their e-Medical card via the app when visiting panel
and helping customers achieve their life goals. Through CDX, the Bank hospitals or clinics. This venture towards early adoption of
is committed to becoming the first 100% digital Islamic bank, able to online distribution and new digital technologies paid off in
adapt next generation technologies within its sphere of operations. 2020 when the tranche of innovative online plans via its
Click for Cover Online Sales Portal (“OSP”) and Click for
The Bank’s successful experience with its Virtual Account Opening Cover mobile application, gained substantial sales volume
(“VAO”) facility since February 2018 hints at the vast potential of a during the year under review.
digital bank. An average of nearly 2,000 account openings is achieved