MBSB plans to finance RM300mil property project

By BERNAMA

PETALING JAYA: Malaysia Building Society Bhd (MBSB) is looking to finance a property project worth RM300mil under its newly launched MBSB Musharakah Joint Venture Programme.

“We are talking with a company, with the involvement of government-linked companies,” chief executive officer Ahmad Zaini Othman said after the soft launch of the programme here yesterday.

MBSB, a 52.9% subsidiary of the Employees Provident Fund, specialises in personal financing, mortgage and corporate businesses, as well as treasury and structured funds.

Ahmad Zaini said the latest programme was in line with MBSB’s new direction to reposition itself in the Islamic financial market.

Considered the first of its kind in Malaysia, the programme offered partnership in property development, contract financing and object/asset financing, especially to developers, land owners and contractors, he said.

According to Ahmad Zaini, the programme offers attractive margin of financing and assured project completion.

“It will enable MBSB to undertake corporate financing activities on a joint-venture basis, using the underlying Islamic financing contract of musharakah,” he said.

He said for MBSB to gain a stronger footing in musharakah, the company was now in talks with a local Islamic bank to form a partnership.

“We hope for the partnership to take shape in May or June, which will provide us with an avenue for greater resources,” he said.

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