KUALA LUMPUR: Bank Islam Malaysia Bhd will revise upwards its base rate (BR) and base financing rate (BFR) by 25 basis points (bps) effective from May 17.
This is in line with Bank Negara Malaysia's move to raise the overnight policy rate (OPR) by 25bps to 2.0 per cent.
Bank Islam said the change would see it raising its BR and BFR by 25 bps to 2.77 per cent and 5.72 per cent respectively.
Similarly, Bank Islam's deposit rates will also be adjusted upwards by 25 bps.
Bank Islam group chief executive officer Mohd Muazzam Mohamed said the adjustments were in line with Bank Negara's latest move to increase the OPR.
"We recognise the ongoing challenges faced by our customers and wish to ensure that our financial assistance remains available for them to regain sound financial positions," Muazzam said.
The last revision in Bank Islam's BR was on July 10, 2020 from 2.77 per cent to 2.52 per cent, while BFR was reduced from 5.72 per cent to 5.47 per cent.