Commercial Banks’ policies and practices already largely in line with the Guidelines on Responsible Financing

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Commercial Banks’ policies and practices already largely in line with the Guidelines on Responsible Financing

Kuala Lumpur, Friday 18 November 2011 - The Association of Banks in Malaysia (ABM) welcomes the Guidelines on Responsible Financing announced today.

Chuah Mei Lin, Executive Director of ABM said, "The commercial banking industry had worked closely with the oversight regulator and its comments on the concept paper have been considered and in the main, incorporated. The Guidelines set out to clearly define the expectations of banks to act responsibly and transparently when lending. We are pleased to say that the policies and practices envisaged underscore the existing approach taken by our members."

ABM and its members share the view that responsible lending is crucial in promoting a sound and sustainable retail finance market.

"Our member banks are committed to exercise prudent, responsible and transparent financing practices that complement and support informed borrowing decision by consumers. Banks have consistently exercised due diligence and caution in offering financial products to ensure that eligible customers are well-informed about their financial and contractual obligations."

Chuah added that a resilient household sector is critical in ensuring a country's economic and financial stability. "Banks will continue to engage closely with their customers by providing advice to ensure debt commitments are within their repayment capacities.”

Updated List of Chargees for Executing Form 42B