Credit Guarantee Corp Malaysia Bhd (CGC) has revised its Islamic banking guarantee scheme (IBGS) to increase available funds for small- and medium- scale enterprises (SMEs).
Managing director and chief executive Datuk Wan Azhar Wan Ahmad said the revised IBGS allows viable businesses to obtain maximum financing of up to RM10 million at a reasonable rate set by the financier.
Eligible businesses are those with an annual sales turnover not exceeding RM25 million, or with not more than 150 full time workers. The revision follows the enhancement to CGC's new principal guarantee scheme that caters for conventional business loans.
"With the revised IBGS, participating financial institutions will be further encouraged to provide the necessary Islamic banking financing to SMEs," Wan Azhar said.
The IBGS, first introduced in 1997, is aimed at assisting SMEs that have viable projects but lack the collateral to obtain the required financing.
