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We initiate coverage on Bank Islam with an Add rating premised on it being the fastest-growing bank (for loans) and biggest beneficiary of OPR hikes. We project total financing CAGR of 8.1% over FY20-23F, the fastest in the sector; its end-Jun GIL ratio was the third-lowest in the sector. The stock offers upside potential of 20.1% with our DDM-based target price of RM3.46 and CY22F dividend yield of 4.8%.