September-October . 2022 | @ Halal
MIHAS 2022
13
Making businesses more resilient and sustainable UOB Malaysia provides comprehensive financial and digital solutions for all SMEs
BY FATIHAH MANAF
SINCE ITS INCEPTION , UOB Malaysia has recognised the critical role of Shariah-compliant products and services in completing the UOB franchise in Malaysia . The bank launched its Islamic Banking division in 2016 after taking the necessary time to create a more comprehensive Shariah-compliant financial ecosystem .
Despite its young age in the Islamic financial market , UOB Islamic Banking has received numerous awards and recognitions for its outstanding capabilities . Among the awards are the Islamic Retail Banking Awards ( IRBA ) Excellence Award for Premier Islamic Retail Banking Services , the Asset Triple A Islamic Finance Awards for Best New Sukuk Corporate for Guan Chong and Best Securitisation for Exsim Ventures Berhad , Halal Financial Excellence Award , and many others .
As a testament to its continued support for Malaysia ’ s halal industry , UOB Malaysia took more significant participation in the 18th Malaysia International Halal Showcase ( MIHAS ) 2022 , held from Sept 7-10 , 2022 .
Aside from participating as an exhibitor at the showcase , UOB Malaysia also had a session where they introduced various UOB Malaysia products and campaigns . The session began with an introduction to UOB Islamic Banking ’ s products and services by Amir Alfatakh , Senior Vice President of Islamic Banking at UOB Malaysia .
Amir said UOB Islamic Banking made its presence in MIHAS 2022 to support businesses and SMEs . He shared that many were unaware of Islamic Banking ’ s products and services offered by UOB .
“ UOB has been in Malaysia for 71 years . We have RM129 billion in assets in 2021 and 45 branches in Malaysia . We are regionally connected , with a presence in Vietnam , Indonesia , Thailand , Singapore , etc . Our Islamic Banking has been around since 2016 , and we have many exciting products that we want to share .”
UOB Islamic Banking ’ s products and services are available for all segments , Bumi or non-Bumi . It collaborates with various internal and external partners to provide end-to-end ecosystem products and services .
Protecting businesses with Takaful plan
Amir highlighted UOB Malaysia ’ s partnership with PruBSN Takaful to provide businesses with the necessary protection in the event of losing key individuals in the company . Under this offering , SMEs can choose between two Takaful options available , namely Level Term Takaful ( LTT ) and Smart Aspire Takaful ( SAT ). Under these Takaful plans , SMEs are ensured of cash protection for the full or partial settlement of their financial obligations . These offerings will help ensure the sustainability of the SMEs in the long run .
“ This is an excellent proposition where we have offerings by PruBSN Takaful . These are all about protecting your business and the key-man risk that your business faces . So , if anything happens to your key man , Takaful will come and cover your losses ,” Amir explained .
Giving benefits to employees
Touching briefly on U @ Work , Amir explained t hat the programme offered various benefits to employees of the SMEs that bank with UOB Malaysia .
“ What we do under U @ Work is giving benefits to your employees . We ’ re not talking about the benefits to the company but your employees . As long as you have an account with us , we can offer a special rate for home financing , a special preferential fixed deposit rate , and complimentary Takaful coverage to your staff at no cost to your company .”
Under the U @ Work programme , employees of the SMEs are entitled to exclusive profit rates with better returns on their deposits in UOB Malaysia ’ s ProSave Account-i and preferred rates for Fixed Deposit-i . The ProSave Account-i holders may also withdraw their cash at MEPS ATM up to eight times per month with no service charge .
UOB Malaysia team at MIHAS 2022 .
Amir Alfatakh
Other than the special Home Financing-i rates , these employees of the SMEs are also offered discounted charges for their purchase of Unit Trust Investment . The complimentary Takaful coverage received by employees under the U @ Work programme amounts to RM10,000 .
Other than the brief introduction to UOB Malaysia ’ s products and services by Amir , the session also featured more detailed presentations by the UOB team and partners about each of the products and programmes offered by the bank , including its competitive Term Financing-i product , FinLab programme , JomX Campaign , U-Solar programme and UOB Smart Logistics initiative .
Enabling the digitalisation of SMEs
THE FinLab is UOB ’ s innovation accelerator that brings the ecosystem together to catalyse business growth and transformation . It provides access to a range of business and technology experts , tools and content through The FinLab Online and in-person programmes .
Businesses will be supported on their transformation journey through The FinLab Online ’ s proprietary business tools , webinars , curated events and content . UOB Malaysia , under The FinLab , launched JomX in 2021 as an initiative to assist local companies in accelerating the adoption of digital technologies . The initiative also aims to help them manage through the pandemic and make their businesses more resilient for the years ahead .