• SME News
MARA And Bank Muamalat Sign MoU For Business Guarantee Loans
SHAH ALAM, Feb 25 (Bernama) -- Majlis Amanah Rakyat (MARA) and Bank Muamalat Malaysia Bhd have entered into a memorandum of understanding (MoU) to guarantee business loans taken by Bumiputera small-and-medium enteprises (SMEs).
Its Chairman, Datuk Seri Idris Jusoh, said the Finance Ministry has approved RM30 million to implement the guarantee scheme.
Under the scheme, an eligible Bumiputera SME would be entitled for a loan guarantee of up to 80 per cent while the remaining 20 per cent has to be borne by the borrower, according to terms and conditions imposed by the bank.
He said the scheme was introduced to assist Bumiputera SMEs, who cannot provide adequate collateral, to obtain business loans. "In the interim, Bank Muamalat will provide loans between RM500,000 and RM2 million. "If the scheme takes off well and receives an encouraging response from Bumiputera SMEs, MARA may provide larger guarantees," he told reporters after the signing of the MoU here today. Idris said, for a start, between 50 and 100 eligible and committed entreprenuers, conducting business according to syariah laws, would be able to obtain financing under the guarantee scheme.
"At present, there are many who are not serious entreprenuers, as such, this scheme is dedicated only to genuine businessmen who are really in need of financing to expand their business," he added.
The scheme was also introduced in line with MARA's "Groom Big" programme aimed at upgrading SMEs in order to compete globally. Todate, under the Ninth Malaysia Plan, MARA has approved RM1.7 billion in business loans. -- BERNAMA
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