15/09/2025

MONDAY | SEPT 15, 2025

12

BANKING & INSURANCE

Liberty explores getting more EV owners aboard

Bank Muamalat introduces syariah compliant credit cards for businesses PETALING JAYA: Bank Muamalat Malaysia Bhd has introduced the Visa Platinum Business Credit Card-i and the Visa Infinite Business Credit Card-i, offering practical syariah-compliant financial solutions tailored to the needs of businesses. The cards are designed to support corporate clients, small and medium enterprises and government-linked companies in managing business ex penses more efficiently and ethically. This initiative is in line with the aspirations outlined in the 13th Malaysia Plan (2026–2030), which emphasises SME empowerment, digitalisation and inclusive economic growth. It also reinforces Bank Muamalat’s commit ment to advancing value-based, syariah-compliant financial services that support national development goals. The newly launched credit cards are designed to streamline daily operations and reduce administrative burdens. Cardholders will also enjoy value added benefits such as complimentary access to Plaza Premium Lounges for Visa Infinite cardholders, first-year annual fee waivers and a wide selection of Visa commercial offers. “These business credit cards are more than just a payment solution. They reflect our commitment to helping Malaysian businesses thrive in a changing economy, with flexible financing and the assurance of syariah compliant banking,” said Bank Muamalat president and CEO Khairul Kamarudin. Visa Malaysia country manager Previn Pillay said, “Visa is proud to support Bank Muamalat in launching smarter, more secure and syariah compliant financial solutions that help Malaysian enterprises streamline ex penses, gain better control over spending and unlock greater value through tailored benefits. “As Malaysia accelerates its digital transformation, we remain committed to equipping financial institutions like Bank Muamalat with the tools and technology to digitise business pay ments and drive long-term growth.” What sets Bank Muamalat’s Business Credit Card-i apart is its syariah compliant financing structure, which avoids compounding profit charges and promotes ethical credit management. The bank aims to onboard 1,000 new cardholders within the first year, with a projected income of RM5 million.

o Insurer evaluating evolving landscape and looking at offering products tailored for brands in addition to Tesla

Ű BY JOHN GILBERT sunbiz@thesundaily.com

considering the broader Asean push for EV adoption, Pasha said Liberty has already introduced InsureMyTesla in markets such as Singapore and India, which demonstrates the company’s regional commitment to supporting the EV transition. “As EV adoption gains momentum across Asean, we are exploring opportunities to expand our EV insurance offerings further. Our experience in these markets positions us well to scale relevant, tech-forward insurance solutions across the region, adapted to each country’s specific ecosystem and regulatory landscape,” he added. Touching on how Liberty assesses the demand for MSME-focused insurance products in Malaysia, Pasha said the company recognises the significant contribution of MSMEs to the Malaysian economy and the growing demand for insurance solutions that address their specific risks, particularly business interruption. “To cater to this segment, Liberty has launched products like SME BI 365, a simplified and affordable business interruption coverage designed for Malaysian SMEs, complementing our fire insurance policies. This product directly options, and providing accessible customer service to meet the specific needs of MSME owners, ensuring they understand the crucial protection offered by SME BI 365,” Pasha said. He added that MSMEs in Malaysia often face challenges in adopting insurance, particularly due to affordability concerns when considering comprehensive coverage such as business interruption. Traditional business interruption policies are complex, which can discourage uptake, while many MSME owners underestimate the financial impact of business disruption or view such coverage as a low priority. To address these barriers, Pasha said, Liberty has introduced SME BI 365 with simplified terms and conditions for easier understanding, is actively educating the market on the importance of business interruption coverage, and is working to change perceptions by demonstrating the affordability and tangible benefits of SME BI 365 in ensuring business continuity. addresses the need for financial protection against operational downtime following insured events. “We are also focused on simplifying policy wordings, offering flexible coverage

KUALA LUMPUR: Liberty General Insurance Bhd is exploring product offerings for electric vehicle (EV) owners as Malaysia’s EV landscape continues to mature and diversify with European and Chinese brands entering the domestic market. CEO Puneet Pasricha (Pasha, pic ) said that while Liberty’s InsureMyTesla – a tailored product for Tesla vehicles – has been a success, the company is evaluating the evolving landscape and the specific needs of owners of other EV models. “Our plans include exploring the feasibility of introducing additional specialised insurance products or expanding the scope of existing products to cater to a broader range of EVs in Malaysia. “This would involve understanding the unique features, repair ecosystems and potential risks associated with different EV manufacturers to provide comprehensive, relevant, and sustainable coverage,” he told SunBiz . He said Liberty is focused on a multi-pronged continuously enhancing EV insurance products with features that address the specific concerns of EV owners and integrating EV insurance awareness into key customer touchpoints. “Yes, we are currently assessing product features that address specific EV risks like battery degradation and cyber threats associated with connected vehicles,” Pasha said when asked about Liberty’s EV insurance products that address emerging risks such as battery degradation and charging station liability. “These are part of our roadmap to ensure our EV insurance remains future-ready and value driven. That said, we have begun insuring some of the charging station liabilities, for data gathering purposes. “Any upcoming enhancements will be carefully considered to ensure they provide meaningful value to EV owners and are sustainable for the insurance business,” he said. When asked about Liberty’s plan to expand its EV insurance offerings beyond Malaysia, approach to drive awareness and adoption of EV insurance in Malaysia. This includes partnering with EV manufacturers, expanding digital education through its platforms,

To note, Liberty has integrated insurance awareness into the financial ecosystem in India. When asked about similar initiatives planned for Malaysia to enhance MSME awareness and accessibility to insurance, Pasha said, “Yes, we are working on building similar ecosystems in Malaysia. “Products like SME BI 365 are part of this effort – it’s designed not just to provide insurance, but to serve as an educational entry point for MSMEs who may be new to insurance. “By embedding awareness into the MSME journey, we aim to position insurance as a strategic business tool, not just a safety measure,” he said. In response to a question about how Liberty sees potential collaborations with Malaysian government agencies or industry bodies to enhance MSME resilience through insurance, Pasha said the company recognises the crucial role of government agencies and industry bodies in fostering a resilient MSME ecosystem in Malaysia. “We are open to engaging with relevant government agencies and industry bodies in Malaysia to explore such collaborations and contribute to strengthening the resilience of the MSME sector through effective insurance solutions. “Whether it’s through awareness programmes or input into national policy frameworks, Liberty sees collaboration as a key driver for making insurance more accessible and impactful for small businesses,” he said. FMM House’s logistics development in Pulau Indah will feature automated warehouse storage systems, with a combined gross floor area of about 1.67 million square feet and a storage capacity of around 218,000 pallets. The development includes both ambient and cold room facilities and has achieved a pre-certified Gold Status under Leadership in Energy and Environmental Design, a globally recognised green building rating system developed by the US Green Building Council, demonstrating FMM House’s commitment to sustainable development. The logistics development will be fully operated by Storio Sdn Bhd, a specialist in smart warehousing and logistics solutions.

UOB Malaysia supports FMM House’s RM3b Asean Green MTN programme PETALING JAYA: UOB Malaysia has supported the launch of a RM3 billion Asean Green Medium Term Notes Programme (Asean Green MTN Programme) by FMM House Sdn Bhd, a landmark initiative aimed at advancing sustainable development for the logistics infrastructure in Malaysia. develop FMM’s three green logistics hubs in Pulau Indah, Klang, Selangor. The Asean Green MTN Programme enables multi-tranche issuances to support FMM House’s upcoming eligible logistics infrastructure projects. FMM House director Tan Sri Teo Chiang Hong said, “This programme is a key milestone in our journey to redefine logistics infrastructure through automation and sustainability. With UOB Malaysia’s support, we are confident in delivering high-impact developments that meet global green standards and drive long-term value for our stakeholders.”

UOB Malaysia CEO Ng Wei Wei said this is their second green logistics hub project in Selangor and these initiatives build on UOB Malaysia’s continued efforts to innovate and develop impactful solutions that help clients decarbonise. “Through our Sustainable Finance Framework, we remain focused on enabling businesses to adopt responsible practices and transition toward low-carbon, future-ready infrastructure,” she added.

The bank acted as the principal adviser, lead arranger, lead manager and facility agent for the programme, reinforcing its commitment to green financing and innovation in the capital markets. Proceeds from the series of issuances under Tranche of the Asean Green MTN Programme, which carries a 15-year tenor and a total issue size of up to RM630 million, will be used to

Established in April 2022, FMM House is an investment company focused on industrial property development, with a particular emphasis on automated warehousing technologies that enhance operational efficiency and reduce reliance on manual labour.

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