PKNS aims to boost property ownership among young people and first-time buyers

New Straits Times, 12 January 2023

Khairul Kamarudin, president and CEO of Bank Muamalat (left), and Datuk Mahmud Abbas, CEO of Selangor State Development Corp (right), at the signing of the strategic partnership agreement.

Selangor State Development Corporation (PKNS) plans to develop up to 10 housing projects in the state, with an emphasis on Shah Alam, Bangi, and Cyberjaya.

Its chief executive officer (CEO), Datuk Mahmud Abbas, said that the corporation's goal is to boost property ownership among young people and first-time buyers.

It has launched a new financing scheme for individuals as well as business entities to encourage people to buy, in a strategic partnership with Bank Muamalat Malaysia Bhd.

According to Mahmud, Bank Muamalat will offer end financing for properties developed by PKNS around the country, involving housing developments at all levels, especially affordable housing, as well as commercial assets.

For individuals, Bank Muamalat will offer financial advisory services through the Housing Credit Guarantee Scheme (SJKP) and My First Home Scheme (SRP) in collaboration with Syarikat Jaminan Kredit Perumahan Bhd and Cagamas Bhd.

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

According to Mahmud, the financing facility will help PKNS clients (individuals and businesses) acquire homes through packages tailored to their needs and eligibility.

Khairul Kamarudin, president and CEO of Bank Muamalat, said that the cooperation with PKNS includes many elements of business for the long term, given that the state corporation is a highly respected developer in the country, particularly in Selangor.

"The bank is striving to build a better life with customers, and we understand the problems faced by customers, coupled with the current challenging economic situation, especially for first-time house buyers.

"In this aspect, we are ready to provide solutions and financing facilities to individuals and business entities," he said.

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