CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively “CIMB” or “the Bank”) and Juwai IQI, Asia’s largest proptech group, have entered into a partnership to provide property financing to Juwai IQI customers in Malaysia. The partnership will also allow direct access to CIMB’s suite of investment solutions and exclusive benefits, providing a one-stop centre for a wide range of financial needs.
Ahmad Shahriman Mohd Shariff, Chief Executive Officer, CIMB Islamic said, “CIMB is excited to be a partner to Juwai IQI. We are proud to be the first Malaysian-based bank to offer Syariah-compliant and sustainable solutions to Juwai IQI’s customers, including financing, takaful, deposits, investments and other banking services. Based on Bank Negara Malaysia’s monthly loan application data, the value of home loan applications grew 86% year-on-year to RM179.4 billion in the first half ended 30 June 2021 (1H21) from RM96.4 billion in the first half ended 30 June 2020 (1H20). With the Overnight Policy Rate at a record low of 1.75%, consumers are taking advantage of mortgage rates as well as looking at other asset classes to generate higher yields. We foresee a stronger growth for our consumer banking business this year and anticipate higher demand for real estate in the country and ASEAN as a whole in line with the global economic recovery.”
Juwai IQI has been operating in Malaysia since 2012 and is present in 10 states, selling and renting properties with a combined value of over USD1 billion in total in 2020, having tripled its agency force to 15,000 globally in the same year. As a leading proptech group in ASEAN, it has chosen Malaysia for its ASEAN headquarters.
Kashif Ansari, Co-Founder and Group CEO, Juwai IQI said, “Since making Malaysia our regional Southeast Asian headquarters for our real estate business in 2016, we have grown tenfold as a leading ASEAN proptech group. We are looking forward to this partnership.”