Bank Islam Facilitates Implementation Of Green Technology Project

(From left) Bank Islam’s CEO, Encik Mohd Muazzam Mohamed, Encik Ahmad Haliman Abdul Halim, Head of Commercial Banking, Bank Islam, Tuan Haji Omar Khalid, CEO, TiME Marine Services his Executive Director Encik Hamidon Md Khayon

Bank Islam Malaysia Berhad (“Bank Islam”) recently signed a financing facility agreement with TiME Marine Services Sdn Bhd to part finance its green technology project known as ‘Onshore Hydrocarbon Recovery from Sludge’ in collaboration with Petroliam Nasional Berhad (PETRONAS).

Time Marine Services, a multi-services company for the oil and gas industry, is the winner of the third PETRONAS Technology Challenge announced in September 2018. The PETRONAS Technology Challenge is a technology crowdsourcing initiative which aims to seek innovative solutions to address PETRONAS operational pain-points. TiME Marine Services Sdn Bhd proposed a solution consisting of a biodegradable chemical and mechanical technologies that can effectively recover hydrocarbon, water and other solids from the oily sludge. The proposed solution will also see to the reduction of cost and minimisation of original disposal to the third party waste management body.

At the ceremony, Head of Commercial Banking, Encik Ahmad Haliman Abdul Halim signed the agreement on behalf of Bank Islam together with Tuan Haji Omar Khalid, Chief Executive Officer (CEO) of TiME Marine Services.

The signing ceremony was witnessed by Encik Mohd Muazzam Mohamed, CEO of Bank Islam and Encik Hamidon Md Khayon, Executive Director of TiME Marine Services.

Encik Mohd Muazzam Mohamed said, “Bank Islam is pleased to provide financing that will support ethical and green solutions to the petroleum industry. Providing this facility exemplifies our value-based intermediation initiatives to serve the real economy as well as to support the government’s initiative for the advancement and implementation of green technology solutions in this country.”

Bank Islam is also one of PETRONAS’ financing partners in the national oil & gas company’s Vendor Financing Programme, which aims to provide the local oil & gas services & equipment (OGSE) sector easier access to project funding. Since the collaboration started in 2018, Bank Islam has already approved more than RM180 million of banking facilities to 45 vendors.