AGROBANK was founded 47 years ago primarily to provide credit assistance to farmers and has emerged as the largest credit service provider in the rural agriculture sector since 1980.
It was corporatised in 2007 under the Companies Act 1965.
Agrobank is a government-owned bank under the Finance Ministry.
The transition from conventional to Islamic bank in just three years was a resounding success under president and chief executive officer Datuk Wan Mohd Fadzmi Wan Othman.
In recognition of his strong leadership in Agrobank’s transformation, Wan Fadzmi was named “CEO of the Year” at the Global Islamic Financial Award 2016.
The award honours a leader who has made a difference in his or her organisation and championed the development of the Islamic finance industry.
“This is a recognition for Agrobank and all employees who worked very hard for the transition of Agrobank to become a full-fledged Islamic bank. The journey for the transformation was gruelling, involving major changes in mindset and processes,” Wan Fadzmi told NST Business.
“The team at Agrobank truly believes that agriculture is a good fit with Islamic finance. So we persevered and worked hard towards realising the conversion.”
He said there was only one way to go for the bank from now on, which was upwards.
“It is all about sustaining the momentum we have already built.”
Agrobank recorded its highest financing value of RM5.14 billion with a growth of 15.3 per cent as at November last year, up from RM4.5 billion in the same period last year.
Under financing for primary agriculture sector, the food crops segment contributed the most at RM2.91 billion, with a growth of 14 per cent, compared with the same period last year.
The growth shows great prospects in agriculture and agrofood sectors.
Awards received by Agrobank
# Association of Development Financing Institutions in Asia Pacific in Samoa for outstanding efforts in financial inclusion, particularly for the agricultural community and underserved communities.
# Karlsruhe Sustainable Finance Awards in Germany for Outstanding Sustainable Project Financing.
# Global Good Governance Awards 2016 in Istanbul under “3G Financial Services Award”.
# Islamic Retail Banking Award in Dubai for Critics’ Choice for Best Islamic Product for Agriculture Finance .