KOTA KINABALU: Sabah Credit Corporation (SCC) has introduced two new programmes – upsizing of its Sukuk (Islamic bond) programme and i-CASH, to help investors and clients benefit further from its services.
SCC chief executive officer Datuk Vincent Pung said the SCC has upsized its RM1.5bil Sukuk programme to RM3.5bil and the move is expected to consolidate other earlier outstanding Sukuk issuance into one programme.
He said the upsizing exercise would at the same time be a source of funding for SCC to cater to the next few years of growth.
“On the other hand, the i-CASH programme is part of our innovation of products to provide greater flexibility for clients to manage their own financial needs,” he said during the launch of the programmes here on Tuesday.
Pung said SCC through the support from the state government, AmBank Group, investors and clients had managed to declare over RM232mil in dividends to the state government since 2002.
Sabah Chief Minister Datuk Seri Musa Aman, who officiated at the programme, commended the SCC for its consistent and steady improvement in financial performance over the last 22 years.
“SCC still managed to contribute a RM8mil interim dividend to the state coffer even though the SCC was going through a rationalisation in recognising SCC profit to be based on the Malaysian Private Entities Reporting Standard (MPERS),” he said.
He said SCC had also continued to play a role in complementing the government in the socio-economic development of the state through its corporate social responsibilities (CSR).
“Over RM23mil has been spent on more than 150 CSR projects such as rural hostels, orphanages, half-way homes and centres for single mothers, to name a few,” he said.
The SCC handed over RM8mil of interim dividend for the year ending 2016 to the state during the event, and also contributed a total of RM2,239,800 to six recipients – Asrama Desa SK. Sebayan, Kudat, SMK Tambunan, SK. Kebulu, Keningau, SK. Pulau Sumandi, Semporna and St. Francis Xavier Secondary School, Keningau, and SM Shan Tao, Kota Kinabalu.
The contribution was to fund the construction or refurbishment of hostels, classrooms and school building.