Friday, November 8, 2019

Bank Islam Signs Strategic MOU With Sarawak Energy And SJPP

Allocates RM300 million to support Sarawak Energy’s Vendor Financing Programme
(seated from left) Sarawak Energy Group Chief Operating Officer, Lu Yew Hung; Bank Islam Head of Commercial, Ahmad Haliman Abdul Halim and Azlan Mohd Agel, SJPP General Manager signing a strategic memorandum to provide RM300 million worth of financing solutions to vendors listed under the Sarawak Energy Vendor Financing Programme in Kuching, Sarawak recently.
Bank Islam Malaysia Berhad ("Bank Islam") today signed a Memorandum of Understanding (“MoU”) with Sarawak Energy Berhad (“Sarawak Energy”) and Syarikat Jaminan Pembiayaan Perniagaan Berhad (“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 to 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, Encik Ahmad Haliman Abdul Halim signed the MoU on behalf of Bank Islam, while Sarawak Energy was represented by Group Chief Operating Officer, Mr Lu Yew Hung and SJPP by its General Manager, Encik Azlan Mohd Agel.

The signing ceremony was witnessed by Head, East Malaysia Region of Bank Islam, Encik Abdul Malek Abdullah; Ms Stephanie Gae Chin, General Manager, Legal, Sarawak Energy and Puan Juanita Rusmini Abdul Jalil, Senior Manager of SJPP.

Encik Ahmad Haliman said, “Bank Islam has been taking an aggressive approach in encouraging projects that exemplifies our value-based intermediation (VBI) 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 percent credit guarantee to eligible vendors.
(second from left) Sarawak Energy Group Chief Operating Officer, Lu Yew Hung; Bank Islam Head of Commercial, Ahmad Haliman Abdul Halim and Azlan Mohd Agel, SJPP General Manager pictured together at the MoU signing ceremony to provide RM300 million worth of financing solutions to vendors listed under the Sarawak Energy Vendor Financing Programme in Kuching, Sarawak recently.
Encik Ahmad Haliman said, “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.”

He adds, “Bank Islam is proud to be partnering with Sarawak Energy and SJPP in embracing 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.”

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.

Whatsapp Button works on Mobile Device only

Start typing and press Enter to search