alrajhi bank Malaysia becomes first international bank to offer Govt-backed home financing via SJKP Berhad, expanding support for first-time homebuyers 

alrajhi bank Malaysia and Syarikat Jaminan Kredit Perumahan Berhad (SJKP) have entered a strategic collaboration to broaden homeownership access for Malaysians targeting the self-employed and non-fixed income segments.

The collaboration follows the Government’s 2026 budget announcement, which saw the Housing Credit Guarantee Scheme (SJKP) strengthened with an additional RM10 billion guarantee allocation aimed at supporting up to 80,000 more first‑time homebuyers nationwide. With over 3.2 million Malaysians¹—approximately 19% of the labor force—now engaged in the gig economy and self-employment, alrajhi bank Malaysia is proud to be the first international bank in Malaysia to offer this Government-backed solution to the public.

Since its inception almost two decades ago, SJKP (a company under the Minister of Finance Incorporated) has served as a key enabler for Malaysians looking to get onto the property ladder, partnering with financial institutions to bridge the gap for first-time buyers. Through this partnership, alrajhi bank Malaysia joins SJKP’s established panel of participating financial institutions, leveraging a government-backed guarantee that provides coverage for over 100% of the total financing amount.  This allows the Bank to support first-time buyers whose financial viability can be established through a broader range of documentation, ensuring homeownership remains accessible even for those without conventional monthly pay slips or EPF statements.  

The alrajhi bank Malaysia Home Financing-i SJKP provides a high margin of financing of up to 110% of the total financing value (capped at RM500,000), operating under a Shariah-compliant Commodity Murabahah (Tawarruq) structure. This zero‑entry‑cost model is designed to ease the financial transition into homeownership, while offering added flexibility through joint applications with immediate family members.

Commenting on the collaboration, Syahrul Ishak, Chief Executive Officer of alrajhi bank Malaysia, said: “At alrajhi bank Malaysia, we are focused on aligning our solutions with the changing needs of our customers. We recognize that a significant portion of the Malaysian workforce now operates outside traditional employment structures, and we are committed to offering inclusive financing pathways that recognize their economic contribution. We are excited to offer the alrajhi bank Malaysia Home Financing-i SJKP as a structured and responsible pathway for more Malaysians to own their first home.”

Meanwhile, Juanita Rusmini, Chief Operating Officer of SJKP, said: “The collaboration between SJKP and alrajhi bank Malaysia is aimed at assisting the Bank’s customers in obtaining home financing. We are delighted to welcome the Bank as our new partner in supporting the Government’s aspiration to help the underserved segment own their first house.”

“As of the end of 2025, we have approved guarantees for a total financing amount of approximately RM25 billion for more than 100,000 customers. As announced in Budget 2026, the Government has increased the guarantee allocation to SJKP from RM10 billion last year to RM20 billion. I strongly urge eligible customers to take this opportunity to approach the Bank and enquire about the scheme. I believe that this collaboration, providing both financing and Government-backed guarantees, will realize the dreams of many eligible Malaysians to own their dream homes and provide comfort to their families,” added Juanita.

____________________________________________________________________

¹Labour Force Statistics, July 2025. Department of Statistics Malaysia 
https://www.dosm.gov.my/portal-main/release-content/labour-force-statistics-july-2025