Bank Islam, Petronas, SJPP ink MoU to assist Petronas vendors

The Star

8 May 2018

BANK ISLAM, PETRONAS, SJPP INK MOU TO ASSIST PETRONAS VENDORS


Picture taken yesterday after the signing of the MoU with vendors and officials. - Bernama

KUALA LUMPUR: Bank Islam Malaysia Bhd, Petronas and Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) will collaborate to provide a financial solution to Petronas’ vendors, nationwide, via the Small and Medium Enterprises (SMEs) Vendor Financing Programme.

This follows the signing of a memorandum of understanding (MoU) yesterday between the three parties which aims to improve access to financing and liquidity to the local oil and gas services and equipment (OGSE) sector.

In a joint statement, the parties said the financing programme was opened to Malaysian SMEs, which have contracts with Petronas and were in compliance with Bank Islam’s credit assessment and SJPP’s eligibility and criteria.

The SMEs, which make up 97% and 65%t of Malaysia’s total business establishment and employment, respectively, contributed 36% to the country’s Gross Domestic Product (GDP).

“Through this partnership, we are able to serve the real economy which represents one of our value-based intermediation initiatives, as well as, to support the government’s initiative to enhance and stimulate the SME business growth in this country,” said Bank Islam chief executive officer Khairul Kamarudin.

As at March 2018, Bank Islam had financed 1,235 SME customers with a total financing of about RM2.9bil. — Bernama

Web source: https://www.thestar.com.my/business/business-news/2018/05/08/bank-islam-petronas-sjpp-ink-mou-to-assist-petronas-vendors/