We Got A Piece Of Bank Negara!

Another item to add in your list of ‘Why I’m Proud to be a Malaysian’ should be our country’s very own central bank, The Bank Negara! They may have not been receiving much attention from us (students) but we were glad to be given the opportunity to visit and learn about them. So what did we discover from our visit?

They are very kiam siap (stingy)… No refreshment & No souvenirs.

They are very kia si (fearful)… A lot of restricted areas. So restricted in a sense that we can’t even taste the meals that are served there. Or rather, give us the chance to feed our starving guts.

Thank god, they are not very kao pei (don’t know how to translate).

Well, we can’t really expect much because after all, they are the central bank. The destination where security is vital for the survival and stability of our country’s currency. But we briefly got to know its functions and responsibilities which I’m not going to discuss in this post. You can learn about it in the text books or their website.

http://www.bnm.gov.my

Speaker’s recommendation for Finance Students:

Islamic Banking! Islamic Banking! Islamic Banking!!!

Learn everything you need to know about Islamic Banking because in the next 3-4 yrs, the banking industry may experience a shift from conventional to Islamic banking. So if you are a qualified Islamic banker by then, you’ll definitely get a job in Malaysia or anywhere else around the world.

Let’s clear up some rumors regarding Islamic banking… They are not only for Muslims. In fact, nearly 60% of the Islamic banking clients are non-Muslim. Islamic Banking is open to all races and religion.

You may wonder what’s so special about Islamic banking…

*No interest charges*

Example: You apply for a RM100,000 loan from an Islamic bank. They won’t charge monthly interest for it. Instead, they will require you to make a full repayment of RM120,000 which will be divided into manageable payments depending on the loan duration.

Unlike conventional banks,

If you were to apply for a RM100,000 loan, they will charge interest until the loan have been fully repaid. The longer you take the repay the loan, the more you’ll end up paying! Often, with conventional banking loans, you will end up paying 200% or more of what you initially borrowed.

So that’s the advantage of Islamic banking! Being fair is what matters most....