Share
- The initiative will help "nearly 1.6 million civil servants in the country, across all ranks, to acquire home financing and fulfil their aspirations of becoming homeowners".
KUALA LUMPUR (Nov 4): Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA) has obtained RM1 billion in funding from HSBC Amanah Malaysia Bhd to expand home financing access for civil servants, marking its first non-government guaranteed (GG) funding initiative.
The financing, structured under an Islamic Receivables Finance (RF-i) facility, represents a major milestone for LPPSA as it diversifies its funding sources beyond traditional government guarantees, LPPSA and HSBC Amanah said in a joint statement.
The move aligns with the government’s fiscal discipline goals under the Fiscal Responsibility Act, said LPPSA chief executive officer Farid Nawawi.
The initiative will help "nearly 1.6 million civil servants in the country, across all ranks, to acquire home financing and fulfil their aspirations of becoming homeowners," Farid said.
HSBC Malaysia chief executive officer Datuk Omar Siddiq noted that the transaction "supports the government’s debt management and offers social and economic benefits to the civil servant community, contributing to a more stable financial climate".
The partnership demonstrates HSBC’s innovation and expertise in shariah-compliant financing solutions for the public sector, he added.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
