Alrajhi bank Malaysia offers govt-backed home financing
The Sun, 16 February 2026
From left: SJKP guarantee schemes management division general manager Mohammad Fairuz Hashim, Juanita, Syahrul and alrajhi bank Malaysia chief retail banking officer Azhar Awang Kecil at the signing ceremony
PETALING JAYA: alrajhi bank Malaysia and Syarikat Jaminan Kredit Perumahan Bhd (SJKP) have entered into a strategic collaboration to broaden homeownership access for Malaysians by targeting the self-employed and non-fixed income segments.
The collaboration follows the government’s 2026 Budget announcement, which saw the Housing Credit Guarantee Scheme (SJKP) strengthened with an additional RM10 billion guarantee allocation aimed at supporting up to 80,000 more first time homebuyers nationwide.
With over 3.2 million Malaysians – about 19% of the labour force – now engaged in the gig economy and selfemployment, alrajhi bank Malaysia is the first international bank in Malaysia to offer this governmentbacked solution to the public.
Since its inception almost two decades ago, SJKP (a company under the Minister of Finance Incorporated) has served as a key enabler for Malaysians looking to get onto the property ladder, partnering with financial institutions to bridge the gap for firsttime buyers.
Through this partnership, alrajhi bank Malaysia joins SJKP’s panel of participating financial institutions, leveraging a government-backed guarantee that provides coverage for over 100% of the total financing amount.
This allows the bank to support firsttime buyers whose financial viability can be established through a broader range of documentation, ensuring homeownership remains accessible even for those without conventional monthly pay slips or Employees Provident Fund statements.
The alrajhi bank Malaysia Home Financing-i SJKP provides a high margin of financing of up to 110% of the total financing value (capped at RM500,000), operating under a syariah-compliant Commodity Murabahah (Tawarruq) structure. This zero entry cost model is designed to ease the financial transition into homeownership, while offering added flexibility through joint applications with immediate family members.
The bank’s CEO Syahrul Ishak said: “At alrajhi bank Malaysia, we are focused on aligning our solutions with the changing needs of our customers. We recognise that a significant portion of the Malaysian workforce now operates outside traditional employment structures, and we are committed to offering inclusive financing pathways that recognise their economic contribution. We are excited to offer the alrajhi bank Malaysia Home Financing-i SJKP as a structured and responsible pathway for more Malaysians to own their first home.”
Meanwhile, SJKP chief operating officer Juanita Rusmini said: “The collaboration between SJKP and alrajhi bank Malaysia is aimed at assisting the bank’s customers in obtaining home financing. We are delighted to welcome the bank as our new partner in supporting the government’s aspiration to help the underserved segment own their first house.”
As of the end of 2025, she said, they have approved guarantees for a total financing amount of about RM25 billion for more than 100,000 customers.
As announced in Budget 2026, the government has increased the guarantee allocation to SJKP from RM10 billion last year to RM20 billion, she added,
“I strongly urge eligible customers to take this opportunity to approach the bank and enquire about the scheme. I believe that this collaboration, providing both financing and government-backed guarantees, will realize the dreams of many eligible Malaysians to own their dream homes and provide comfort to their families,” said Juanita.
(Web Source: https://www.pressreader.com/malaysia/the-sun-malaysia/20260216/281715506072619)