Four Islamic banks in Skim Cakna pilot project

KUALA LUMPUR: A total of four banking institutions are involved in the Skim Cakna pilot project which is a financing facility for companiesthatobtaingovernment contracts for the procurement of supplies and services from March 1, 2021 to Feb 28, 2022.

The Islamic banking institutions involved are Maybank Islamic Bhd, CIMB Islamic Bhd, RHB Islamic Bank Bhd and MBSB Bank Bhd.

According to business development manager, group shariah business at RHB Islamic Bank, Zakaria Osman, Skim Cakna is different from the factoring facility and contract financing scheme by Majlis Amanah Rakyat (MARA).

“It is an alternative source of funding for companies to obtain working capital earlier for invoices submitted without having to wait for payment by the government.

“Companies are eligible to obtain facilities up to 100 per cent of the value of invoices submitted to the government,” he said in a webinar session on Skim Cakna organised by the Islamic Banking and Finance Institute Malaysia (IBFIM).

Apart from that, he said, the benefits or advantages that can be enjoyed in Skim Cakna are without recourse, without service charges and no collateral is required.

According to him, four ministries are involved in this pilot project, namely the Ministry of Health, the Ministry of Education, the Ministry of Higher Education and the Ministry of Communications and Multimedia.

Zakaria said the initiative would help the company’s operations as well as speed up payments to suppliers and employees to ease the movement of the economic chain and help the country’s economic growth. — Bernama