EONCAP Islamic Bank Berhad Empowers Women With Ar-Rahnu & An-Nisa Products

9 September 2009, Kuala Lumpur – EONCAP Islamic Bank Berhad, a member of the EON Bank Group, announced a campaign that sought to empower women financially with two key products: the Ar-Rahnu Pawnbroking-i Facility and the An-Nisa’ Women’s Savings Account. EONCAP Islamic Bank’s Ar-Rahnu Pawnbroking-i Facility allows customers to obtain cash financing in return for gold jewelry collateral at a rate of 70%, which is the highest margin of finance available in Malaysia so far. “Using this facility, women can have access to immediate funds, which they can use for business or other investments,” explained Fozia Amanulla, Chief Executive Officer and Executive Director of EONCAP

Islamic Bank Berhad. In addition, EONCAP Islamic Bank’s trained and professional Ar-Rahnu officers ensure that customers’ gold is effectively kept safe and safe and secure with the Bank

The An-Nisa Women’s Savings Account is a fully Shariah compliant deposit product that functions through the principle of Wadiah Yad Dhamanah or safekeeping with guarantee. This product is a specialized deposit account targeted at women with competitive returns and an option to subscribe to special Takaful coverage package that includes low monthly contributions but a high coverage value.

At the launch event, which was officiated by Y. Bhg. Dato’ Hajah Kamilia Dato’ Ibrahim, Chairperson of the Family Support Division of the Federal Territories Shariah Court, the Bank explained that the two products were packaged together to allow women a simple, convenient and value-driven way for women to be empowered by having their funds and to manage their own finances with an savings account specially tailored to their needs.

Fozia explained, “The achievements of women throughout Malaysia need no introduction, our ladies number among some of the most influential and significant players in many different industries. We at EONCAP Islamic Bank feel that this is a positive trend and that more women should be encouraged and empowered to develop themselves and achieve their fullest potential.”

This campaign to promote the Ar-Rahnu Pawnbroking-i Facility and the An-Nisa’ Women’s Savings Account is the latest in a series of activities that have significantly raised EONCAP Islamic Bank’s profile in the Islamic banking industry. Most recently, EONCAP Islamic Bank recently launched a campaign to offer its
Personal Financing-i product to government and military retirees on highly attractive terms.

The Bank also broke new ground when it made Zakat payments more simple and convenient, by enabling contributions through its Debit Master Card – the first of its kind in the world that encompasses debit, contactless, EMV and ATM functionalities.  

“We believe that through our competitive products and our strategically placed branches nationwide, we will be able to take these two products to even greater heights. We are also seeking to open doors to strategic tie-ins with governmental, statutory, non-governmental and corporate entities in order to enter into mutually beneficial agreements that promote product awareness and add value to our offerings.”