RHB ISLAMIC launches globally accepted Shariah based product

Kuala Lumpur, 22 November 2007: Customers who are looking at acquiring completed residences and commercial properties now have a new Islamic financing product to choose from - Equity Home Financing-i.

The new product by RHB ISLAMIC Bank Bhd ("RHB ISLAMIC") launched today is based on the Shariah concept of Musharakah Mutanaqisah or Diminishing Musharakah.

This product is based on the concept of diminishing partnership, where the customer and the Bank enter into a co-ownership agreement to acquire and own the asset with the view to progressively reduce the ownership of one partner (the Bank) until the other Musharakah partner (the Customer) finally holds the full ownership of the asset.

"The Bank always strives to develop and introduce innovative products which are Shariah based accepted globally," said Puan Jamelah Jamaluddin, Managing Director of RHB ISLAMIC Bank.

"To realise our aspiration of being a local Bank with international standards and to consistently attract investment from the GCC market as well as other countries with appetite for Islamic Banking, we need to constantly be innovative in structuring Shariah based products that truly meet our Customers' diverse business and personal requirements. The Equity Home Financing-i is one such product of our effort. We are definitely looking at introducing more innovative products in the very near future," continues Puan Jamelah Jamaluddin.

As a competitive player in the home financing industry, RHB ISLAMIC is confident Equity Home Financing-i will make waves. Customers can expect to find the financing terms and conditions incredibly appealing. The Equity Home Financing-i package offers extremely lucrative rates, zero processing fee, high margins of financing, free acquisition cost, flexible payment plans and longer financing tenures.

Equity Home Financing is designed for individuals looking for refinancing -as well as sub-sale financing for owner occupation. The Bank expects Equity Home Financing-i to do particularly well in targeted high growth areas such as the Klang Valley, Johor, Penang, Kuching and Kota Kinabalu.

In conjunction with the launch, RHB ISLAMIC is offering its first 100 customers cash vouchers of RM800 for every application approved and accepted.

It will be a lucrative business for RHB Islamic and this product will be made available at all RHB Bank and RHB ISLAMIC Bank branches and marketing centres nationwide. Visit www.share.com.my for more information.

The launch of this product is in conjunction with the bank's recent embarkation of a fully Shariah compliant new banking system. This makes the bank the first financial institution to launch a truly innovative and fully Shariah compliant IT system in the country. With this new system, the customer will be assured of a smooth and fast processing, which will definitely add value and increase confidence by our customers.