‘Spekar system to monitor loan status’

ALOR SETAR: The Malaysian National Cooperative Movement (Angkasa) has proposed that the government adopt the Credit Reporting System ( SpeKAR) to monitor loans given out to civil servants.

The system prevents civil servants from taking loans that exceed their means and prevent them from going bankrupt following their failure to manage such loans.

Angkasa deputy president Mutadho Bahri said the system needed to be centralised to enable loan institutions to check on the applicant’s salary before making deductions.

“Currently, financial institutions need to refer with one another, but through this

Currently, financial institutions need to refer with one another, but through this system they will gain access to information regarding the status of the loan, such as loan records at non-finance companies as well as those who are bankrupt. The information acquired will then determine the approval of the loan. Mutadho Bahri, Angkasa deputy president

system they will gain access to information regarding the status of the loan, such as loan records at non- finance companies as well as those who are bankrupt. The information acquired will then determine the approval of the loan,” he told reporters here yesterday.

He said, Angkasa welcomed the suggestion by the Congress of Unions of Employees in the Public and Civil Services (Cuepacs).

“Angkasa has used the system for three years since its launch and found it very practical. We have also taken the initiative to meet the Finance Ministry to explain the SpeKar system,” Mutadho added. — Bernama