KUALA LUMPUR, 8 March 2021: Maybank Islamic Berhad has introduced a funding facility for Small and Medium Enterprises (SMEs) to assist their cash flows during the current pandemic.

The facility is under a scheme called Skim Cakna and is part of Maybank’s ongoing commitment to support customers overcome the financial challenges during these unprecedented times as well as provide them with speedy access to funding.

This scheme is open to companies that have been awarded or are to be awarded with supply and services contracts by the Government in 2021, with the contracts restricted to those awarded via the Government’s e-procurement system.

In addition, applications can also be made for ongoing contracts if those contracts are free from encumbrances and not been assigned to other financial institutions.

This programme will serve as an alternative source of funding to support the cash flow needs of SMEs as well as for their working capital by receiving early payment of their receivables without waiting for payment from the Government.

Maybank Islamic is one of the four participating Islamic banks which have been selected to participate in this programme where banks make early payments to the companies based on the Government’s creditworthiness.

For the companies, they will enjoy competitive pricing based on the credit standing of the Government, with no requirement for credit assessment on their part. They may apply for the funding against the approved invoices at a discount pending payment from the Government.

In principal, the programme involves transfer of rights, title and interest, of receivables over specific invoices on a limited recourse basis. The funding margin will be up to 100 per cent of confirmed value of invoice to be paid by the Government, and no collateral is required.

The scheme was launched on 1 March 2021 and will be available for a one year period. Eligible companies can expect an approval within 10 working days from the date of submission of complete documents to the Bank.

Applications can be made at 13 Maybank’s Transaction Banking Centres nationwide or via emailing to cakna@maybank.com.