Kuala Lumpur, 22 April, 2009, Malaysia Building Society Berhad (MBSB) today launched MBSB Musharakah Joint Venture Programme which offers partnership in property development, contract financing and object/asset financing especially to developers, land owners and contractors.
This programme, first of its kind in Malaysia, is a partnership to undertake a specific business venture on a joint-venture basis using the underlying Islamic financing contract of Musharakah. This concept is the most preferred and globally accepted financing structure specially in the Middle East countries.
MBSB Chief Executive officer, Encik Ahmad Zaini Othman said in a statement,”The Musharakah is a programme to enable MBSB to undertake corporate financing activities on joint-venture basis, using the underlying Islamic financing contract of Musharakah.”
“This programme offers very attractive margin of financing, assured project completion, and we are offering technical advice by MBSB’s professional project management team.”
He added ,” This programme will benefit all parties involved such as land owner, developer and the financier. This is in line with the Islamic concept of profit sharing.”
According to Encik Ahmad Zaini, the Musharakah Joint Venture Programme offers great potential in terms of business volume and returns.
The introduction of the MBSB Musharakah Joint Venture Programme are in-line with the new company’s direction to reposition MBSB in the Islamic financial market.
Prior to the launching, a Half-Day Seminar on MBSB Musharakah Joint Venture Programme was organised to explain on the concept of Musharakah, its features and also introducing the role of the Project Management & Monitoring Department functions and responsibilities.