KUALA LUMPUR (Mar 30): Islamic banks and commercial banks "will have a similar treatment" on the Goods and Services Tax, said the Association of Islamic Banking Institutions Malaysia (Aibim).
In a statement today, Aibim said the impact of GST on fees and charges, however, would be minimal.
Aibim President Datuk Haji Mohd Redza Shah said although there are expectations of increases in fees and charges, "Islamic Banks will strive to create value and increase efficiency to better serve their customers".
Aibim added that it has been working closely with the Ministry of Finance (MoF), the Royal Malaysian Customs, Bank Negara Malaysia (BNM) as well as the Association of Banks in Malaysia (ABM) to improve the treatment of GST towards financial services and products to ensure a seamless transition process for consumers.