The Credit Guarantee Corporation Malaysia Bhd (CGC) has launched its new credit guarantee scheme – Enhancer-i – to enable small and medium enterprises (SMEs) access to Islamic financing.
CGC managing director Datuk Wan Azhar Wan Ahmad said on Jan 11 the new scheme was to meet the increasing demand for alternative financing sources from SMES, especially syariah compliant financing facilities.
He said it was an enhanced version of CGC’s Islamic Banking Guarantee Scheme, the fist Islamic guarantee scheme introduced in 2003, to add more value to the SMEs’ financing applications.
“It provides access to financing up to RM10 million and a guaranteed coverage of up to 90%,” he added.
The Enhancer-i is a guarantee scheme, where the guarantee fee charged is calculated based on the borrower’s risk profile. The risk-adjusted pricing structure offers competitive terms for lower-risk borrowers.
“Since the introduction of its Islamic credit guarantee schemes in 2003, CGC has cumulatively guaranteed RM492 million under its two Islamic schemes,” he said. |
