Developer and bank in property financing partnership

The Star, 19 January 2023


Mahmud (right) and Khairul exchanging documents in Shah Alam.

THE Selangor State Development Corporation (PKNS) kicked off 2023 by establishing a strategic partnership with Bank Muamalat Malaysia Bhd to help more people to own property.

Through this collaboration, the bank will provide end-financing to PKNS’ potential customers for its real estate products throughout Malaysia, involving multi-level housing projects including affordable homes.

For individuals, Bank Muamalat will offer financing advisory services through the Housing Credit Insurance Scheme (SJKP) and My First Home Scheme (SRP) in collaboration with the Housing Insurance Company Bhd and Cagamas Bhd.

While for the business segment, advisory services and facilities will be provided for small and medium industries (SMEs) involving vendors and business partners.

The memorandum of understanding (MOU) signing ceremony between the bank and PKNS was held in Shah Alam.

The MOU was signed by PKNS chief executive officer Datuk Mahmud Abbas while Bank Muamalat was represented by its president and chief executive officer Khairul Kamarudin.

“This financing facility helps PKNS customers, both individuals and business entities, to own properties by offering suitable packages according to the customer’s needs and qualifications,” said Mahmud at the event. 

“We hope to increase the home ownership level for more people, especially youths and first-time homebuyers.

“We are committed to provide a variety of real estate products that can meet the needs of diverse customers and I believe this partnership will help provide more options and help to realise this objective,” he added.

“The cooperation between Bank Muamalat and PKNS includes various aspects of business for the long term since PKNS is a highly reputable real estate developer in Malaysia, especially in Selangor,” said Khairul. 

The collaboration also provides an opportunity for both parties to work together to organise conferences, seminars, roadshows, talks and marketing activities for PKNS’ real estate products as well as introduce financing offered by Bank Muamalat.

This financing is offered for various PKNS real estate products that are currently and have been built across Selangor.

Among them are Puteri Soraya and Puteri Aira in Kota Puteri; Azhara, Cassia in Antara Gapi; Rafflesia in Bernam Jaya; Anggun Kirana and Hijauan Enklaf in Alam Nusantara; and Aurora in Selangor Cyber Valley.


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