KUALA LUMPUR: Amanah Ikhtiar Malaysia (AIM) is suspending the collection of loan repayments from its members for two weeks beginning from March 18 to March 31, managing director Shamir Aziz said.
He said the suspension is intended to ease the burden borne by its members following the Movement Restriction Order announced by Prime Minister Tan Sri Muhyiddin Yassin on Monday to curb the spread of the Covid-19 pandemic.
“The two-week suspension will have a direct impact of RM16 million loss to be borne by AIM but one that is needed to be done as we care and understand the situation faced by AIM members at the moment,” he said in a statement yesterday.
He said AIM, which has 378,018 active members in various small and medium enterprises, would re-arrange and update the existing financing products to help reduce the operation cost of AIM members in line with current needs.
Shamir said AIM will also introduce new financing products to mitigate the impact of Covid-19.
He said these products were created from the savings due to the cancellation of several major AIM programmes this year aimed at minimising the economic impact of Covid-19.
“Most AIM members run small- to medium-scale food, services and tourism-related businesses.
“With the Movement Restriction Order in place, they can’t operate their businesses and this will affect their earnings and ability to repay loans,” he said.
He said the immediate action not only ensures AIM members and employees are not severely affected but is also an act of benevolence at a time when the country is facing a dire situation.
Shamir said a circular would be distributed to all staff and members as well as regional managers and branches on the steps to be taken.
“AIM will also close all operations including discontinuing central meeting activities that require members’ attendance every week.
“We will re-operate as usual on April 1, 2020 as directed under the Prevention and Control of Infectious Diseases Act 1988 and the Police Act 1967,” he said.
He added that those seeking further information can visit AIM’s website and Facebook page. — Bernama