Bank Islam joins the fray in extending support for troubled businesses and individuals throughout the latest Movement Control Order or MCO 3.0 inline with Bank Negara’s call to assist those in financial difficulties.
The Targeted Repayment Assistance currently offered is designed as case by case basis where the bank will offer schemes to distressed business owners who either can defer they payment by three months or request for reduced repayment amount extended for another six months. Bank Islam has also noted that it has made the process seemingly simpler, with minimum documentation and quick approvals.
However, those who have not applied previously need not be concerned as the program is still available for all groups including micro business and customers affected by the current situation. In support of Bank Negara and Association of Islamic Banking and Financial Institution Malaysia, Bank Islam is calling all its customers who are in other forms of targeted assistance and are in need of further financial assistance to get in touch with the bank.
MCO 3.0 has been declared from May 12- June 7 with a possible extension beyond the dates daily cases continue to be in the 4 digit horizon. Even tough the government allowed most economic sector to function, there are many industries who not able to operate under lockdowns. Restaurants and hospitality has been the most devastated and continues to require life support. Financial institutions have been tasked to ease up on these sectors and others who require assistance, various initiatives have been introduced in the hopes of these business do not go under.
