SHAH ALAM, Tuesday, 21 August 2007 – After 24 years pioneering Malaysia’s Islamic banking industry, Bank Islam Malaysia Berhad (Bank Islam) today signaled it has geared up for the challenges of the new and increasingly globalised Islamic banking environment.
Embracing a new corporate identity that was unveiled at its remodeled branch at Wisma Perbadanan Kemajuan Pertanian Selangor (PKPS), Bank Islam now positions itself as the pioneer Shariah-based bank that customers can trust and truly believe in.”
The re-branding is part of a transformation programme prescribed under a turnaround plan implemented September last year, following two years of financial difficulties. The new corporate identity and the first remodeled branch were launched by Minister in the Prime Minister’s Office, Dato’ Dr. Abdullah Md. Zin. The rest of the branches will be remodeled in phases over the next 12 months.
Bank Islam Managing Director Dato’ Zukri Samat told the media after the launch, that apart from the physical changes customers can expect to see a change in the way the Bank does business and the delivery of products and services.
“It involves a vigorous exercise to change the mindset and the working culture, and the Bank’s approach to doing business in a market place that is increasingly more knowledgeable and sophisticated,” he added. The re-branding is also in response to the growing challenges of a fast expanding Islamic banking industry locally and globally, as envisioned in the Government’s plan to develop Malaysia into an International Islamic Financial Centre.
Dato’ Zukri said a brand audit and analysis undertaken for the exercise, showed that the name Bank Islam, carries a premium in Malaysia and in the region, especially in the Gulf countries. And as the pioneer, Bank Islam’s products and services and business model has served as the benchmark for the development of the Islamic banking industry in Malaysia.
“Our strategy, therefore, is to build on the strengths of Bank Islam brand by reinforcing the positives such as the trust and confidence. Based on the findings of the research we have crystallized the brand’s essence into two words “absolute faith.”
“We hope to gain the absolute faith of our customers by incorporating five core values into delivery system and customer service and the way we do business. These core values are leadership, dynamism professionalism, caring and trust.” he said.
“We believe that this new brand positioning will help Bank Islam stay competitive in the face of growing competition, locally and regionally, and to help achieve the Bank’s vision, which is to be the global leader in Islamic banking. And global leader is defined as being the ultimate guidance and source of reference for innovative Shariah-based products and services,” he added.