PKNS and Bank Islam sign MoU to offer Islamic housing loans

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  • PKNS Managing Director Datuk Mahmud Abbas said the MoU aims to make it easier for clients to get loans as Bank Islam offers various lending facilities for the real estate sector from projects under development to completed projects. .

SHAH ALAM (August 15): The Selangor State Development Corporation (PKNS) and Bank Islam Malaysia Bhd have signed a memorandum of understanding to offer Islamic housing loans based on the Tawarruq principle.

PKNS Managing Director Datuk Mahmud Abbas said the MoU aims to make it easier for clients to get loans as Bank Islam offers various lending facilities for the real estate sector from projects under development to completed projects. .

“The loans offered by Bank Islam are for up to 35 years or until the client has reached the age of 70.

“Customers also don’t have to worry about other fees, as they are all included in the package,” he told reporters after the signing ceremony.

Mahmud said PKNS is aware of the company’s concerns about home ownership amid economic uncertainty.

“That’s why PKNS has taken the initiative to work with banks to facilitate home ownership. Hopefully with this more people will be able to buy houses built by PKNS,” he added.

Mahmud said PKNS is targeting a gross development value (GDV) of RM600 million this year, depending on market conditions.

“PKNS is very careful in launching projects, as it must first study the market and economic conditions. We hope to launch six projects this year with [a] GDV of RM600 million,” he revealed.

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