CIMB Group offers Islamic financing to Proton supply chain
Shortly after announcing a similar tie-up with Perodua, the CIMB Group is now offering special financing facilities for vendors of Proton as well. Unlike the tie-up with Perodua, however, the tie-up with Proton sees CIMB offer vendors of the latter company with Islamic financing packages.
The memorandum of understanding for this tie up was signed between the two companies at Proton’s Centre of Excellence headquarters at Subang Jaya yesterday. As Proton and Perodua share a great many vendors between them, this simultaneous tie-up by CIMB with both companies would serve to give these vendors greater financial liquidity than ever before.
“For CIMB Group, this programme augurs well for our overall strategy in developing the trade finance business not just in Malaysia, but also in Southeast Asia,” said Dato’ Charon Wardini Mokhzani, Deputy CEO, Corporate & Investment Banking, CIMB Group.
“We are proud to be the first financial institution to offer this Shariah compliant facility to the manufacturing industry and are honoured to be part of Proton’s efforts to assist their vendors,” he continued.
Like the financing packages on offer to Perodua vendors announced last week, CIMB also offers pre-delivery financing and post-delivery financing to Proton’s vendors, but this time, financing terms are compliant to Syariah laws, being based on tangible physical assets.
“The introduction of this Supply Chain Financing programme is a critical component in our overall strategy to achieve the aspirations of becoming a competitive global car manufacturer,” said Dato’ Haji Syed Zainal Abidin Syed Mohamed Tahir, Group Managing Director, Proton Holdings Berhad.
“Proton recognises that quality is not solely determined by way of refinements, better build, reliability and durability of a vehicle, but is also heavily reliant on the quality of components supplied from the vendors,” he continued.
Pictures: Official Proton release
