KUALA LUMPUR, Oct 15 (Bernama) -- Cooperatives in Malaysia play a significant role in enhancing the standard of living for civil servants by providing affordable financial services, said Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) president Datuk Seri Dr Abdul Fattah Abdullah.
He said that Angkasa remained committed to ensuring that cooperatives complied with established regulations while also contributing to the socioeconomic well-being of Malaysians.
According to him, cooperatives in Malaysia always adhered to the rules set by the government, including the requirement that loan deductions for civil servants should not exceed 60 per cent of their monthly pay.
“This rule was established to ensure that borrowers can repay their loans without jeopardising their financial stability.
“Angkasa also ensures that cooperative loan repayments are made via the ANGKASA Salary Deduction System (SPGA), which guarantees automatic and consistent payments. This system helps civil servants manage their loan repayments in a more organised manner,” he said in a statement.
Abdul Fattah explained that cooperative loans were not new, noting that financing through cooperatives had long been established in Malaysia.
He added that it served as an important mechanism to provide civil servants and cooperative members access to affordable financing with competitive interest rates.
In addition, Abdul Fattah said that to enhance the credit assessment process, Angkasa had developed the SPeKAR platform, which offers comprehensive information on individual credit.
He stated that the data included information on salary deductions, Bank Credit Information (CCRIS), litigation status, bankruptcy status (Insolvency), and other relevant details.
“Cooperatives always comply with strict guidelines while prioritising their members’ well-being. They offer regulated financial services, ensuring that borrowers can repay loans without exceeding the limits set by law,” he said.
In another development, Abdul Fattah said that MyANGKASA Amanah Berhad (MAAB) and UBB Amanah Berhad had signed a strategic agreement to market the Syariah Compliant Cash Trust (Amanah Liawm Mumtir) product, the first product of its kind in Malaysia.
He stated that the product was specifically designed for the Muslim community in Malaysia to provide a legacy planning instrument to address inheritance management issues.
“MAAB and UBB Amanah Berhad aim to achieve a cash trust account value of RM200 million within the first year of signing this agreement,” he said.
-- BERNAMA
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