Credit Guarantee projects higher target this year


  • Business
  • Wednesday, 07 Feb 2007

KUALA LUMPUR:Credit Guarantee Corp Bhd (CGC), which guaranteed RM3bil loans last year, is confident of improving its record this year, said chairman and chief executive officer Datuk Wan Azhar Wan Ahmad 

He said this after the launch of a strategic partnership between CGC and eight local Islamic banks yesterday. 

Azhar said the company expected to guarantee at least RM300mil of the total loans to be disbursed under its collaboration with the Islamic banks. 

“It is a conservative target, at least to our Islamic banking partners,” he said. 

The eight participating banks are Affin Islamic Bank Bhd, AmIslamic Bank Bhd, Bank Islam Malaysia Bhd, Bank Muamalat Malaysia Bhd, CIMB Islamic Bank Bhd, EONCAP Islamic Bank Bhd, Hong Leong Islamic Bank Bhd and RHB Islamic Bank Bhd. 

Azhar said with the collaboration, CGC had also projected higher growth for SME loans this year due to better access to financing for the players.  

“There will be more channels for the SMEs as CGC will also this year be extending the partnership to non-shareholders of CGC, including three foreign Islamic banks, as well as to other locally incorporated foreign banks and development financial institutions,” he said. 

According to Azhar, the company's business growth this year will also be driven by CGC new products, which include direct lending and portfolio guarantee. 

CGC, the country's leading credit enhancer, has to date guaranteed over RM35bil worth of loans. 

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