CIMB partners Juwai IQI to offer property financing

  • First local bank to provide Juwai IQI’s customers property financing
  • Foresees stronger growth for consumer banking business this year

CIMB partners Juwai IQI to offer property financingCIMB Bank Berhad and CIMB Islamic Bank Berhad (CIMB) and property technology (proptec) group Juwai IQI, have entered a partnership that will see the bank provide property financing to Juwai IQI customers in Malaysia. 

In a joint statement, they companies said 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 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.”

CIMB said Bank Negara Malaysia’s monthly loan application data showed the value of home loan applications grew 86% year-on-year to US$43,145 billion (RM179.4 billion) in the first half ended 30 June 2021 (1H21) from US$23,184 billion (RM96.4 billion) in the first half ended 30 June 2020 (1H20). 

[RM1 = US$0.24]

“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,” Shahriman said. 

Juwai IQI said it has been operating in Malaysia since 2012 and is present in 10 states, selling and renting properties, which the company claimed had a combined value of over US$1 billion (RM4.16 billion) in 2020, and having tripled its agency force to 15,000 globally in the same year. 

Juwai IQI 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.” 


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