Bank Islam Malaysia Bhd is still waiting for capital injection from its Middle East shareholder, Dubai Invesment Group (DIG) in its move to boost risk-weighted capital ratio (RWCR) and strengthen its capital.
DIG, which owns 40 per cent of Bank Islam, has until September 15 2009 to put in the money. So far, only Tabung Haji has put in the money and DIG has a deadline until September 15 to do so.
DIG's share of the capital call is RM216 million. Bank Islam''s capital move is part of its strategy to prepare for the worst in the industry. The new capital is expected to boost Bank Islam's risk-weighted capital ratio to 17.3 per cent, from 13.1 per cent at the end of 2008. The ratio measures a bank''s ability to absorb potential writedowns and defaults.
BIMB Holdings Bhd is the bank''s biggest shareholder with a 51 per cent stake while Tabung Haji holds the balance nine per cent of Bank Islam.
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