Skim Cakna

Skim CAKNA was launched on 1 March 2021, as a result of an initial collaboration between Bank Negara Malaysia, Ministry of Finance and select Islamic Financial Institutions mainly to alleviate cashflow constraints faced by Contractors/SME companies (collectively known as “Companies”) during the Covid-19 pandemic.

The scheme is targeting Companies which have been awarded Government supply contracts from the following participating Ministries:

• Ministry of Health (MOH);
• Ministry of Education (MOE);
• Ministry of Higher Education (MOHE); and
• Ministry of Communication and Multimedia (MCMM).

The initiative is to allow the Companies to better manage its operations and cashflow, allowing uninterrupted and swift payments to suppliers and employees, hence turning the economic wheel for future growth.

Cakna Model

MBSB Bank is offering the facility to ease the liquidity position of Companies that obtained Government contracts to supply goods and services for the year 2021.

The structure involves the following:

• A tripartite arrangement involving the Company, the Bank and the participating Ministries.
• The sale of invoices by the Company to the Bank. The sale of invoices will not increase the Company’s indebtedness, as this is done by way of a "non-recourse receivable purchase" by the Bank.
• The transfer of rights (to the invoices) to the Bank through a Deed of Assignment (“DOA”) signed by the Company, the Bank and Ministries.

Key Features

1. Quick Liquidity

   An alternative source of funding to assist the Company’s cash flow position by receiving payment through the sale of receivables (of the Government contracts) to the Bank

2. Non-Recourse*

   The Bank will have no recourse to the Company with zero impact on the customers’ gearing / leverage positions. This will provide the Company with greater flexibility for future fund raising.

   * Non-Recourse means at all times the Bank will receive payment from Government except for situations stipulated in the agreement.

3. Competitive Pricing of up to 5%,

   Company will benefit from the competitive pricing, leveraging on the Government credit standing.

4. Up to 100% Invoice Value

   The funding margin will be up to 100% of the invoice value, subject to prevailing charges by the Bank.

   For this, the Company must comply with the terms and conditions stipulated in the Surat Setuju Terima (SST) and/or the Contract(s) by the Government.

5. Swift Approval

   The Bank will keep approval turnaround time of 10 working days

6. No Collateral

   No collateral required for the facilities

Contact Us

You may contact any of the key personnel below:

Email: clientcoverage@mbsbbank.com