Pewani Women’s Savings Account Holders First to Benefit from Bank Islam-RealRewards Partnership
Kuala Lumpur, February 14, 2007 – Bank Islam, the country’s oldest Islamic bank, launched its Bank lslam Pewani RealRewards Program with the intention of growing its market share in the Islamic financial services industry by adding a customer loyalty component to further enhance services and benefits to its customers.
Bank lslam inked a partnership agreement with Electronic Commerce Technology Sdn Bhd, the program manager of RealRewards, a leading consumer benefit program; appointing RealRewards to provide customer relationship management (CRM) and database marketing services to Bank Islam, at a signing ceremony held here, today.
Under the terms of the agreement Bank lslam will be able to market its products to RealRewards’ 2.6 million household membership base.
Bank lslam was represented at the signing ceremony by its General Manager of Corporate Affairs and Business Development, Dato’ Wan lsmail Wan Yusoh and its General Manager of Consumer Banking, Puan Faizah Khairuddin while Electronic Commerce Technology Sdn Bhd (RealRewards) was represented by its Chairman, Dato’ Shamsuddin Hayroni and its Chief Operating Officer, Encik Khairuddin Zainal.
Bank lslam which offers more than 60 Islamic consumer banking products will roll out the customer loyalty program in stages and expects the program to be implemented in full by the middle of this year.
According to Bank lslam General Manager of Consumer Banking, Puan Faizah Khairuddin, the bank initiated the Bank lslam Pewani RealRewards program in response to the rapidly changing banking landscape where more banks are offering Islamic banking products and foreign banks are entering the market.
Banking products based on Islamic banking principles (Syariah) are increasing in popularity among consumers as the products are seen to be fair and equitable for both customers and banks, while offering reduced risk for customers.
Bank Islam’s Pewani women’s savings account holders will be the pilot group to first experience the benefits of the Bank lslam Pewani RealRewards Program.
The Pewani product launched in 1999, offers profit return and sharing ratio of 60:40 with the account holder receiving 60% of returns from Bank Islam’s investments of their capital. Eligible account holders receive Takaful coverage under the Hawa Plan that covers female-related cancers and includes a complimentary annual cancer examination. Based on a recent study by the bank the Pewani product is the only one of its kind on the market.
“There is a need to get to know our customers better, to understand what they want, what induces them to save, to spend, how often they choose to treat themselves, what they want to invest in and how much they are willing to invest every month. Through the Bank lslam Pewani RealRewards Program, we will be able to obtain this information and serve our customers better,” Puan Faizah Khairuddin explained.
Women who open Pewani savings accounts with a minimum deposit of RM1,000 or existing Pewani customers who maintain an average monthly balance of RM1,000 will earn 10 points. Subsequently, for every additional RM100 deposit, account holders will earn 1 point. These points will be credited into the customers RealRewards account before the 14th of the following month.
Electronic Commerce Technology Sdn Bhd (RealRewards) Chief Operating Officer, Encik Khairuddin Zainal said that the partnership with Bank lslam would help RealRewards’ achieve its goal of becoming the most innovative consumer benefit program in the nation as it would be able to offer its members the best and broadest range of rewards, benefits and products from the most diverse partners.
“One of the key principles that guide RealRewards is that our loyalty program should encompass all aspects of our members’ life and lifestyle. To achieve this we build partnerships with a variety of businesses from diverse industries,” said Encik Khairuddin Zainal.
“Partnering with Bank lslam on the Bank lslam Pewani RealRewards Program adds another layer to our rewards and benefits mix. All along we have been rewarding members for spending. Through the partnership with Bank lslam we will be rewarding account holders for saving. This is something unique and innovative that increases the richness of our offerings to members; and acts as an attraction to potential members” he continued.
“We have the direct marketing, targeted marketing and consumer events marketing experience to help Bank lslam reach the target audience that best suits their product and service,” En. Khairuddin explained.
Puan Faizah Khairruddin said that Bank lslam has high expectations for the Bank Islam Pewani RealRewards Program as a means of understanding customer behavior and also in extending its customer base through RealRewards targeted database marketing.
“For the first stage of this partnership we would be happy to sign up 2-3% of their 2.6 million household membership base (approximately 6 million individual card holders) as Bank lslam customers for any of our consumer banking products,” Puan Faizah Khairuddin added.
The launch of the Bank lslam Pewani RealRewards Program marks another milestone in Bank lslam efforts to build a banking group which prioritises customers’ needs at all times.
To kick off the Bank lslam Pewani RealRewards Program, Bank lslam and RealRewards jointly organized an exclusive forum for 50 Pewani savings top depositors featuring talks on ‘Financial planning and the family’ by Pn Hajjah Rohani Datuk Hj Mohd Shahir and ‘Cervical Cancer and Other Human Papillomavirus-related diseases – Towards Prevention in the New Millennium’ by Dr. Norzilawati Mohd Naim Senior Lecturer and Consultant Obstetrician & Gynecologist, Hospital Universiti Kebangsaan Malaysia.