Four Islamic Banks Involved in Skim Cakna Financing Pilot Project to Boost Malaysia’s Economic Growth

Four Islamic banking institutions, including Maybank Islamic, CIMB Islamic, RHB Islamic Bank and MBSB Bank, are involved in the Skim Cakna pilot project, which is a financing facility for companies obtaining Government contracts for the procurement of supplies and services from the 1st of March, 2021 to the 28th of February, 2022 in Malaysia.

Why it Matters?

Speaking at a webinar organized by the Islamic Banking and Finance Institute Malaysia on the 16th of April 2021, Zakaria Osman, Business Development Manager, Group Shariah Business at RHB Islamic Bank, stated that Skim Cakna is an alternative source of funding for companies looking to obtain working capital earlier for invoices submitted, without waiting for payment by the Government of Malaysia....