PETALING JAYA: CIMB Bank Bhd, CIMB Islamic Bank Bhd and proptech group Juwai IQI have entered into a partnership to provide property financing to Juwai IQI customers in Malaysia.
The partnership will allow Juwai IQI customers direct access to CIMB’s suite of investment solutions and exclusive benefits, providing a one-stop centre for a wide range of financial needs.
CIMB Islamic CEO Ahmad Shahriman Mohd Shariff (pix) said it is the first Malaysia-based bank to offer syariah-compliant and sustainable solutions to Juwai IQI’s customers, including financing, takaful, deposits, investments and other banking services.
Based on Bank Negara Malaysia’s monthly loan application data, the value of home loan applications grew 86% year-on-year to RM179.4 billion in the first half period ended June 30, 2021 (H1’21) from RM96.4 billion in H1’20. With the Overnight Policy Rate at a record low of 1.75%, consumers are taking advantage of mortgage rates as well as looking at other asset classes to generate higher yields.
“We foresee a stronger growth for our consumer banking business this year and anticipate higher demand for real estate in the country and Asean as a whole in line with the global economic recovery.”
Juwai IQI has been operating in Malaysia since 2012 and is present in 10 states, selling and renting properties with a combined value of over US$1 billion in total in 2020, having tripled its agency force to 15,000 globally in the same year.
Juwai IQI co-founder and group CEO Kashif Ansari (pix) said since making Malaysia its regional Southeast Asian headquarters for its real estate business in 2016, it has grown tenfold as a leading Asean proptech group.