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News & Events

[ 14-02-2014 ]
Better financing access for SMEs

 KUALA LUMPUR: Bank Muamalat Malaysia Bhd targets to grow its small and medium-sized (SMEs) financing portfolio to RM1.2 billion by its financial year ending March 2015 from the current RM1 billion.

Chief executive officer Datuk Mohd Redza Shah Abdul Wahid said this will be achieved by giving out more financing aid to SMEs.

He said the sector is an important agent of growth and will be a vital component that will support the nation's aspirations to become a high income economy.

“One of the major levers of growth for the SME sector is access to financing. Bank Muamalat therefore has an important role in the system to provide the financing assistance to the SMEs,” he told a news conference after signing a memorandum of understanding (MoU) with Kuala Lumpur and Selangor Indian Chamber of Commerce and Industry (KLSICCI) and Kuala Lumpur Malay Chamber of Commerce (KLMCC) here yesterday.


The main objective of the MoUs is to jointly collaborate and participate with KLSICCI and KLMCC in the entrepreneurs development activities such as joint training programmes, workshops and business matching.

Others include briefing on the Islamic financing facilities currently offered by Bank Muamalat, which consist of business and consumer financing, as well as Syariah compliant awareness.

Mohd Redza Shah said both parties plans to jointly organise some 24 briefings for the KLSICCI and KLMCC members within a two-year period.

“The members of both chambers will be able to obtain valuable first-hand information on financing directly from the bank,” he said. 

Another aim of the MoU is to eliminate third party financing agents that deal with many SMEs in the country.

He said third party agents would usually impose higher charges on SMEs, which could then financially affect the companies.

“We want to put a stop to this. What we want to do now is to have better communication with the SMEs so that they would come straight to us instead as we can help them,” he said.