03/03/2025

BANKING & INSURANCE 12 MONDAY | MAR 3, 2025

Bank Islam aiming for double-digit growth in 2025

Aeon Bank enhances security of mobile app

PETALING JAYA: Aeon Bank, Malaysia’s first Islamic digital bank, has enhanced its security features by introducing Mobile Security Platform (MSP), an advanced form of shielding technology for its mobile app. This is part of Aeon Bank’s commit ment to improve the security of its digital banking app and safeguard customer data. Aeon Bank’s MSP continuously monitors potential threats and mal ware, taking proactive measures to safeguard the integrity of its digital banking app. If a device is detected as compromised – whether due to jail breaking, rooting, library modification, runtime tampering and any application modification from the original factory setting that bypasses security restric tions – the user will be notified and access to the Aeon Bank app will be temporarily disabled. The added security measure is implemented to prevent data theft, security breaches and risk of un authorised access. “Protecting our customers is Aeon Bank’s foremost priority as a fully digital bank. The MSP shielding technology is crucial in providing a secure and trusted digital banking experience. We want our customers to use our app with confidence and peace of mind,” said CEO Raja Teh Maimunah Raja Abdul Aziz. Aeon Bank does not collect, process or store any personal information from customers’ devices through this fea ture. Instead, the multilayered approach enables the following protection – threat detection and notification; guided resolution, and secure re-access. Even as Aeon Bank rolls out the latest security technology to protect its customers, customers are encouraged to carry out the following actions – review app permissions regularly on the device; monitor data usage for any unusual increases or unexpected high phone bills and frequently check the account balance and statements.

Ű BY AIMIE SHAZRIE sunbiz@thesundaily.com

vehicle. 0 File a police report promptly. Reporting the accident within 24 hours helps ensure a smooth claims process and prevents potential dis putes. In this respect, Liberty General Insurance’s Vehicle Accident Man agement provides services through a simple process. It also provides towing services, on-the-spot damage assessments for third-party property damage claims, fast-tracked third-party claims, instant windscreen repairs and replacements, expert repairs, faster approvals and transparent claims process. With the launch of the Mastercard Debit Card-i and con tinued investments in digital banking solutions, Bank Islam is confident of achieving its 10% growth target for 2025. It remains committed to expanding its footprint in the Islamic banking industry, enhancing customer experience and maintaining its leadership in syariah-compliant financial services. misuse the Al-Awfar brand. “Customers are reminded that Bank Islam never requests personal information through external links and are advised to only open accounts via official branches, the bank’s website, or its mobile app,” he added. Mizan said the Al-Awfar pro gramme is more than just an investment account. “Built on the mudarabah (profit-sharing) concept, this syariah-compliant model allows customers to earn returns based on shared profits from the bank’s investments, rather than re ceiving fixed interest. “This structure ensures ethical financial growth while offering customers a meaningful and spiritually aligned way to invest.” Mizan emphasised the impor tance of zakat contributions, aligning with its goal of pro moting financial literacy and responsible banking within the community. Mastercard Malaysia and Brunei country manager Beena Pothen said the launch of the Bank Islam Mastercard Debit Card-i reflects Mastercard’s commitment to pro vide syariah-compliant payment solutions that enhance banking experiences for Malaysians. “It also demonstrates a shared vision with Bank Islam to co create meaningful banking pro ducts that align with consumer values and needs, reinforcing a collective aim to drive innovation and make a positive contribution to the community,” he added.

o Lender expects at least 10% increase in financial portfolio by end of year

KUALA LUMPUR: Bank Islam Malaysia Bhd, in collaboration with Mastercard, has launched the Bank Islam Mastercard Debit Card-i. Bank Islam Group chief business officer Mizan Masram highlighted that this new product is part of the bank’s broader strategy to strengthen its position in the Islamic banking sector. “With multiple new offerings and strategic campaigns in place, the bank is targeting double-digit growth in 2025, with expectations of at least a 10% increase in its financial portfolio by the end of the year,” he said in a press conference at the launch recently. The Mastercard Debit Card-i is designed not only to provide seamless global transactions but also to reinforce the bank’s commitment to ethical and so

The Mastercard Debit Card-i Cashback Campaign runs from Feb 13 to Aug 31, allowing customers to earn 1% cashback on transactions made at selected merchants. In addition, Mizan reiterated the bank’s commitment to reward customers through its Al-Awfar Investment Account, a trans actional investment account that has produced 46 millionaires since its inception. “With more than RM80 million in prizes available, customers have the opportunity to win through monthly, quarterly, half yearly, and yearly draws,” he said. At the same time, Mizan warned customers about frau dulent activities and scams that

cially responsible banking, Mizan said. “For every card issued, RM2 will be contributed to Sadaqa House, Bank Islam’s social finance initiative that supports zakat and waqf programmes, further enhancing the card’s value proposition.” The new debit card, which adheres to Islamic banking prin ciples, offers customers global acceptance at more than 100 million merchants while ensuring top-tier security and ethical financial transactions. In conjunction with the launch, Bank Islam introduced promotional campaigns to en courage adoption of the new card.

In addition, they are advised to report any suspicious activity imme diately to Aeon Bank’s customer support. Four biggest mistakes that drivers make after an accident

From left: Bank Islam head of deposit and cash management Mohd Noor Jab, Mizan and Mastercard Malaysia account management vice-president Devesh Kuwader at a press conference in conjunction with the launch of the Bank Islam Mastercard Debit Card-i.

Banking & Finance Falling for persuasive talk and autho rising unethical operators to handle their vehicle which leads to compli cated procedures, inflated costs, and substandard repairs. Mistake 3: Forgetting to Collect Key Evidence Mistake 1: Failing to Contact Their Insurer First Delayed notification makes it difficult to verify accident details and increases the risk of penalties for late reporting to authorities. Mistake 2: Engaging Accident Touts/Towing Syndicates/Unscru pulous Middlemen

ROAD accidents continue to be a major concern in Malaysia with more than 530,000 cases, which resulted in 5,364 fatalities, re ported between January and October 2024 alone. Given the alarming statistics, knowing what to do after an acci dent can make a significant differ ence. Being prepared helps prevent unnecessary stress, ensures a smoother claims process and pro tects your rights. On that note, Liberty General Insurance shares the four biggest mistakes that drivers make after an accident.

tively impact your claim, reducing your compensation or even voiding your coverage. So, what to do after an accident? 0 Don’t Panic. Stay calm and contact your insurer immediately for hassle-free roadside assistance services. 0 Beware of unauthorised tow trucks and middlemen: Engage only approved towing services to avoid unnecessary complications. 0 Gather evidence: Take photos, note details, and collect witness statements. 0 Opt for insurer-approved repairs: This ensures guaranteed work manship and warranty for your

Photos of the scene, third-party information, witness details and vehicle damage are essential but often overlooked in the chaos fol lowing an accident. Mistake 4: Providing Conflicting Statements and Admitting Fault Too Quickly In the aftermath of an accident, con fusion can lead to inconsistent accounts given to the insurer, police, or medical professionals. These inconsistencies can contri bute to guilt or nervousness and often lead drivers to admit faults prematurely. The mistakes above can nega

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