Chairperson of Shari’ah Advisory Council to FDH Bank, Sheikh Ibrahim Lethime Asmani speaking after the signing ceremony
* It is our mission to create a conducive platform to every community when it comes to banking services
* We discovered that majority of our Muslim community have been facing challenges when it comes to banking products that meet conditions of their religion
By Victor Singano Jnr
One of the leading financial service providers in the country, FDH Bank Plc has assured Malawians that it is one its major objective to ensure it satisfies its customers by offering accessible means of financial solutions to everyone.
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Managing Director, Noel Mkuluchi made the pledge when the bank was unveiling the first-ever Muslim banking solution named FDH Salama Banking, which will mainly offer Shariah compliant banking services to customers.
Mkuluchi said the bank thought it wise to introduce the solution after conducting a thorough research which revealed that the Muslim community was left out in terms of banking which required to be tailored to their needs.
“It is our mission to create a conducive platform to every community when it comes to banking services,” Mkulichi said. “We discovered that majority of our Muslim community have been facing challenges when it comes to banking products that meet conditions of their religion.
“As such this bank will meet their needs because it will have different conditions compared to convention banking as it will operate without interest and penalties,” Mkulichi said.
In solidarity, Mkulichi and his management staff
Chairperson of Shari’ah Advisory Council to FDH Bank, Sheikh Ibrahim Lethime Asmani expressed his joy on behalf of the Muslim community for the introduction of the banking solution, which he said is a facility they have been waiting for the past two years.
He said it is now his expectation that the bank will provide all the required products and services which will make the Muslims to feel satisfied.
“What FDH Bank has done is a sign of great commitment and worth to be celebrated in as far as economic growth is concerned,” he said. “With this remarkable development we promise to take a role by encouraging fellow Muslims to give their total support to FDH Bank.”
When it comes to innovations to meet its customers, FDH is equal to the task as some of such include FDH Life Plan — a funeral cover that offers an opportunity for customers to plan ahead and ease the burden of worry in times of distress.
It is an arrangement through Bancassurance in partnership with Old Mutual Malawi and Vanguard insurance companies — a product that gives FDH Bank customers an opportunity to cover themselves and family members up to nine of them through affordable monthly deductions from as low as K350 that shall offer K300,000 in case of death of a loved one.
Touted as a technological advanced and innovative financial service provider, FDH Bank also reached out to small and medium enterprises (SMEs) business operators by introducing a mini point of sale (PoS) named Kungoti Tswaa.
It also caters for ATMs for customers of any other branch at no extra fee and can be used for courier shopping, late night shopping, meeting travel costs and for filling up fuel.
Dubbed ‘Small Business Game Changer’, the devise is designed like a mobile phone and are currently ready for business players to apply for.
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FDH Bank Plc also rolled out a landmark trade deal of US$10 million which it signed with African Export–Import Bank (Afreximbank) in November last year under Africa Trade Exchange (ATEX) facility — a global marketplace platform that will ensure convenient and transparent trade by connecting verified Malawian exporters and importers that will ultimately enhancing trade efficiency and reducing costs.
In 2021, FDH Bank initiated a business entrepreneurship concept named Graduate Start-ups targeting Malawi University of Business & Applied Sciences (MUBAS) final year students, which finances innovative and viable business plans, whose loan interests are heavily subsidized.
The processes for the students to earn the financing include forming groups of like minds of four to seven to develop innovative and viable business plans that will solve real economic problems by also identifying viable marketing opportunities.
After developing, the graduates are to present the plans to a special taskforce involving FDH Bank and MUBAS financial experts and where there are loopholes, the taskforce would offer solutions and guidance.
The innovations are many that include promotions that inculcate the culture of digital business transactions — most recent being FDH Money Bureau’s Golden Reunion — that enticed Malawians in diaspora to send money to their loved ones back home through Western Union and Money Gram and win big in cash prizes.
Launched in February, the promotion was FDH’s contribution towards gaining much-needed forex into the country while at the same time encouraging Malawians in diaspora to invest back home through their loved ones.
The grand prize is a Golden Ticket which the lucky winner shall be accorded an all-expenses paid trip to any of the host country of the forex sender that includes US$1,000 pocket upkeep and US$200 for accommodation per night for the seven days spent abroad.—Additional reporting by Duncan Mlanjira, Maravi Express
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