Two more banks raise lending rates

PETALING JAYA: Bank Muamalat and Bank Islam Malaysia Bhd have joined the ranks of four other banks to raise their base and base financing rates by 0.25%.
Bank Muamalat said it would increase base rate (BR) from 3.75% to 4.00 per annum and base financing rate (BFR) from 6.75% to 7.00% per annum, which will impact all floating rate financing packages pegged to BR and BFR. Fixed term board deposit rates have also be raised by 25 basis points.
Bank Islam said in its statement it is revising its BR from 3.65% to 3.90% and BFR from 6.60% to 6.85% today. No mention was made of deposit rates.
Bank Muamalat's new rates will be effective Friday, while Bank Islam rates start from today.
Bank Muamalat CEO Datuk Mohd Redza Shah said in a statement, the increase in reference rates is in line with the market.
"Bank Muamalat shall continue to manage its assets n liabilities responsibly and meet stakeholders’ expectations. Bank Muamalat is also actively engaging to further expand its business," he added.