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Thursday November 25, 2010

Sabah Credit Corp ventures into Islamic finance

KOTA KINABALU: State-owned Sabah Credit Corp (SCC) is venturing into Islamic financing business with the launching of its i-Executive personal financing facility here yesterday.

To kick off i-Executive, SCC has teamed up with AmIslamic Banking Bhd that will provide a RM100mil Islamic banking facility in the form of a revolving credit scheme and term financing with the underlying contract, Bai’ Inah.

SCC is also raising a RM1bil sukuk fund or Islamic financial certificates with AmInvestment Bank Bhd as the lead arranger.

Chief Minister Datuk Musa Aman launched the i-Executive financing facility, each amounting to a maximum of RM200,000 and a profit rate of 3.35%.

SCC chief executive officer Datuk Vincent Pung said the company would be venturing further into Islamic financing activities and was finalising its home financing facility based in the Bai Bitamin Ajil (BBA) syariah principles.

“With the introduction of i-Executive, we will be operating a dual financing system.

“Our conventional financing facilities will be retained until a time when we are ready to fully operate based on syariah priciples,” he added.

AmBank Group chairman Tan Sri Azman Hashim said the RM100mil facility was the latest development in the banking group’s relationship with the SCC dating back to nearly 20 years.

“Our relationship encompasses an array of activities comprising banking facilities, Cagamas funding, financing, capital and asset-liability and management solutions,” he added.

Musa said other state agencies would emulate the SCC’s initiative of venturing into a business venture in accordance to syariah principles.

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