KUCHING: The state government has always been committed to providing Shariah compliant financial products and services especially to the state civil servants who opt to use these products.
Chief Minister Datuk Patinggi Abang Johari Tun Openg said as such, Borneo Housing Mortgage Finance Bhd (BHMFB), being the management company of the state government officers’ home financing schemes, has been requested to provide Islamic financing products and services.
“On this note, I congratulate the board of directors and the management team of BHMFB for making great efforts to successfully develop and launch their Shariah-compliant financing products and services today,” he said at the launching of the company’s host of products – Tawarruq Home Financing-i, Tawarruq Term Deposit-i and Wadiah Savings Account-I – which subscribe to specific Shariah concepts and form BHMFB’s core Islamic financing portfolio, here yesterday.
The Chief Minister commended Borneo Housing for having a progressive track record, saying over the years since its incorporation in 1958, it has consistently recorded good profits and contributed dividends every year to the shareholders, a feat that few other companies can match.
Despite being a late entrant to the Islamic financing scene, he said it did not deter the company from embarking on Islamic financing to compete for a slice of the growing Islamic financing business, particularly in the East Malaysian market.
“Borneo Housing offers various home financing products and services to meet the needs of specific market segments, such as state’s civil servants, employees of statutory bodies, local authorities, government linked companies and agencies, as well as the general public. Over the years, it had assisted more than 40,000 families in the states of Sabah and Sarawak to attain home ownership,” he pointed out.
Abang Johari noted that with the introduction of the Islamic financing products and services, Borneo Housing now offers a range of alternatives to the conventional banking products and services, thus providing greater choice for the customers, especially the state government officers.