KUALA LUMPUR (Jan 18): Bank Muamalat Malaysia Bhd has increased its base rate (BR) and base financing rate (BFR) by 11 basis points (bps) from 3.95% per year to 4.06% and 6.95% per year to 7.06% respectively, effective today.

In a statement today, the bank said these upward revisions are pursuant to the increase in the bank's cost of fund. This will effectively impact all floating rate financing packages pegged to BR and BFR.

The bank's chief executive officer Datuk Mohd Redza Shah said: "As part of the bank's commitment to serve our clients better and to facilitate their reference, we wish to notify that our current home financing package for 30 years maturity for best customers with no lock-in period and financing amount of RM350,000 are as follows:

"For non-zero entry cost which are under construction or completed, the whole tenure would be BR + 1.00%, subject to ceiling rate of 10.5% and bank's standard mortgage terms and conditions."