Teraju, RHB Islamic collaborate to provide RM520 million financing

PUTRAJAYA: The Bumiputera Agenda Steering Unit (Teraju) and RHBIslamic Bank Bhd will collaborate to provide financing of up toRM520 million under the Teras Fund to Bumiputera companies.

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

“Over RM1 billion has been credited into the Teras fund to benefit companies,” he told Bernama after the signing of a memorandum of understanding between Teraju and RHB Islamic Bank witnessed by Nor Mohamed, who is also Chairman of Teraju.

Under the RM520 million Teras Fund, RM160 million has been allocated as working capital and the remaining RM360 million would be used for commercial asset acquisition.

Meanwhile, Teraju Chief Executive Officer Husni Salleh hoped Bumiputera small-and-medium enterprises (SMEs) would take advantage of the commercial asset acquisition fund to acquire their own premises.

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

RHB Islamic Bank Managing Director Abd Rani Lebai Jaafar said the fund offered very competitive financing rates and a two per cent profit rebate extended under the Shariah Compliant SME Financing Scheme.

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

The Teras Fund aimed to identify high performing Bumiputera 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.