PETALING JAYA, April 22 (Bernama) -- Financial services institution Malaysia Building Society Bhd (MBSB) is looking to finance a property project worth RM300 million under its newly launched MBSB Musharakah Joint Venture Programme.
"We are talking with a company, with the involvement of government-linked companies," MBSB chief executive officer Ahmad Zaini Othman said at a press conference after the soft launch of the programme here today.
MBSB, a 52.9 percent subsidiary of the Employees Provident Fund (EPF), specialises in personal financing, mortgage and corporate businesses, and treasury and structured funds.
Ahmad Zaini said the latest programme was in line with MBSB's new direction to reposition itself in the Islamic financial market.
Considered as the first of its kind in Malaysia, the programme offers partnership in property development, contract financing and object/asset financing, especially to developers, land owners and contractors, he said.
"Musharakah is a programme to enable MBSB to undertake corporate financing activities on a joint venture basis, using the underlying Islamic financing contract of musharakah," Ahmad Zaini said.
The concept is the most preferred and globally accepted financing structure, especially among countries in the Middle East, he said.
According to Ahmad Zaini, the programme offers attractive margin of financing and assured project completion, and MBSB is also providing technical advice by through its professional project management team.
"Looking at the present situation where banks are quite tight in terms of liquidity, the programme gives opportunities for developers to complete their projects as well as to support the industry," he said.
Ahmad Zaini said in order for MBSB to gain a stronger footing in musharakah, the company was currently in talks with a local Islamic bank to form a partnership.
"We hope for the partnership to take shape in May or June this year, which will provide us an avenue of greater resources," he said.
He also said that the banking industry would not be able to carry the musharakah programme due to lack of necessary infrastructure, thus providing an opportunity for MBSB to operate the programme outside the banking environment.
On MBSB's key performance indicators (KPIs) for revenue growth this year, Ahmad Zaini said the KPIs have yet to be presented to the board, which will be meeting next month.
In conjunction with the programme launch, a half-day seminar was held to explain the musharakah concept and features, the role of project management, and the monitoring department's functions and responsibilities.
Source: BERNAMA
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