Majlis Amanah Rakyat (MARA) has raised its business loans target to RM300 million this year compared with an earlier projection of RM202 million in view of increased demand for such loans and the dynamic economic growth expected for the country this year.

MARA Deputy Director General (Entrepreneurs), Rahim B. Deraman said the higher allocation for loans was also in line with MARA's efforts to increase the participation level of Bumiputera entrepreneurs in the business and industrial sectors, especially the small and medium sized industries.

KUALA LUMPUR, Aug 21 (Bernama).Majlis Amanah Rakyat (MARA) has raised its business loans target to RM300 million this year compared with an earlier projection of RM202 million in view of increased demand for such loans and the dynamic economic growth expected for the country this year.

MARA Deputy Director General (Entrepreneurs), Rahim B. Deraman said the higher allocation for loans was also in line with MARA's efforts to increase the participation level of Bumiputera entrepreneurs in the business and industrial sectors, especially the small and medium sized industries.

"The country's economy is fast progressing following the announcement of several corridor (economic development) projects by the government and this has opened many business opportunities for Bumiputera entrepreneurs," Rahim told reporters following the signing of a memorandum of understanding here today with Syarikat Takaful Ikhlas Sdn Bhd.

As of August this year, MARA has already allocated RM230 million in business loans.

Last year, MARA allocated RM317 million in business loans.

Meanwhile, the MoU signed today was to enable Takaful Ikhlas to provide takaful coverage to MARA's business loan clients.

President and chief executive of Takaful Ikhlas, Syed Moheeb Syed Kamarulzaman said under the deal, his company will offer two protection plans, namely IKHLAS Group Credit and IKHLAS MortageAgreement to MARA borrowers in the SMI sector.

Source :  BERNAMA