MALAYSIA: Angkasa to Introduce Syariah Financing Cooperative in January
By The Halal Journal Newsdesk (Source: Bernama) published 6 months ago
Original Article Source: Bernama
The Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) is confident the Syariah Financing Cooperative (Kopsya) based on the Islamic banking system would be implemented in January, said Angkasa deputy president Datuk Abdul Fattah Abdullah.
He said at the moment about 200 credit cooperatives with a total accumulated fund of RM360 million had agreed to join the Kopsya scheme.
"We will begin with credit cooperatives before extending it to other cooperatives including school cooperatives and Kopsya is now in the process of appointing its board of directors," he told reporters after closing a seminar on integrity in cooperatives organised by Angkasa, here Sunday.
He said the establishment of Kopsya was expected to provide better benefits to cooperatives registered under Angkasa especially on credit loan, education loan and other credit facilities.
According to him the setting up of Kopsya was not to compete with other banking institutions but was aimed at facilitating its members in obtaining loans.
In the meanwhile, he said Angkasa would be organising more programmes and seminars to further improve integrity among members of a cooperative especially at the board of director’s level.
He said Angkasa would be cooperating with the Malaysian Anti-Corruption Commission (MACC), police and the Institute of Integrity Malaysia (IIM) to provide courses and talks to cooperative members throughout the country.
"Our effort in implementing the programme does not mean cooperative member integrity is low but it is aimed at strengthening the operation of a cooperative in future," he said.
According to him, cooperatives were earlier placed under the control of the Malaysian Cooperatives Commission but as they involved public organisations, they are also under the control of MACC especially on criminal breach of trust cases.
There are now about 8,900 cooperatives registered throughout the country with a total asset of RM60 billion and last year alone, cooperatives recorded RM10 billion worth of transactions which was one per cent of the Gross National Product.