Bank Islam signs strategic MoU with Sarawak Energy and SJPP

Malaysian Reserve

6 November 2019

Bank Islam signs strategic MoU with Sarawak Energy and SJPP

BANK Islam Malaysia Bhd recently signed a memorandum of understanding (MoU) with Sarawak Energy Bhd and Syarikat Jaminan Pembiayaan Perniagaan Bhd (SJPP) to provide financing solutions for vendors listed under Sarawak Energy’s Vendor Financing Programme.

With a total allocation of RM300 million, the programme aims at improving access to financing and liquidity for vendors with secured contracts from Sarawak Energy and are in compliance with Bank Islam’s credit assessment and SJPP’s eligibility and criteria.

Head of commercial banking Ahmad Haliman Abdul Halim signed the MoU on behalf of Bank Islam, while Sarawak Energy was represented by group COO Lu Yew Hung and SJPP by GM Azlan Mohd Agel.

The signing ceremony was witnessed by Bank Islam head of East Malaysian region Abdul Malek Abdullah, Sarawak Energy legal GM Stephanie Gae Chin and SJPP senior manager Juanita Rusmini Abdul Jalil.

Ahmad Haliman said: “Bank Islam has been taking an aggressive approach in encouraging projects that exemplifies our value-based intermediation mission, including providing financing with a positive impact on the economy, community and the environment. In supporting Sarawak Energy’s Vendor Financing Programme, Bank Islam can assist vendors with small contracts to gain access to financing that will help them execute projects awarded by Sarawak Energy or its subsidiaries according to schedules.”

As part of the initiative, SJPP, a wholly owned agency under the Ministry of Finance, will act as the credit guarantee provider. SJPP will support the programme by providing up to 70% credit guarantee to eligible vendors.

“This exciting collaboration will broaden the bank’s business market as the contracts awarded by Sarawak Energy will be financed under the Vendor Financing Programme. With total contracts awarded by Sarawak Energy of more than RM500 million a year, Bank Islam is in a better position to help the vendors access the capital they need to strengthen their business capacity and capabilities.

“Bank Islam is proud to be partnering Sarawak Energy and SJPP in embracing the government’s initiative in promoting greater energy sustainability in the country, at the same time contributing to Sarawak’s need for reliable and renewal energy in achieving sustainable growth and prosperity,” Ahmad Haliman added.

Bank Islam is committed to being part of the financial ecosystem in providing business solutions and adds value to Sarawak Energy’s Vendor Financing Programme vendors.

The bank also takes great pride in its innovative approach towards client servicing by offering the most extensive network coverage and capabilities in meeting the energy sector requirements. The partnership with Sarawak Energy and SJPP is hoped to further catalyse Malaysia’s green technology initiatives for a sustainable future.

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