Business

Tuesday December 11, 2012

Teraju, RHB Islamic team up to provide RM520mil financing under Teras Fund


PUTRAJAYA: The Bumiputra Agenda Steering Unit (Teraju) and RHB Islamic Bank Bhd will collaborate to provide financing of up to RM520mil under the Teras Fund to bumiputra companies.

Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said that 250 companies had received funding to-date, including 150 firms under Teraju's initial collaboration with SME Bank.

“Over RM1bil has been credited into the Teras Fund to benefit companies,” Nor Mohamed, who is also Teraju chairman, told Bernama after the signing of a memorandum of understanding between Teraju and RHB Islamic Bank.

Under the RM520mil Teras Fund, RM160mil has been allocated as working capital and the balance RM360mil would be used for commercial asset acquisition.

Meanwhile, Teraju chief executive officer Husni Salleh hopes that bumiputra small and medium-scale enterprises (SMEs) would take advantage of the commercial asset acquisition fund to acquire their own premises.

“This will also increase property ownership among bumiputras,” he said.

RHB Islamic Bank managing director Abd Rani Lebai Jaafar said the fund offered very competitive financing rates and a 2% profit rebate extended under the syariah compliant SME financing scheme.

Besides financing facilities, he said RHB Islamic would also provide consultation for bumiputra SMEs in expanding their businesses.

The Teras Fund aimed to identify high-performing bumiputra companies with good potential for growth over the next five years and help them develop beyond local markets, through merit-based access to business opportunities. - Bernama

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