Ipoh - Al Rajhi Bank (Malaysia) and Perbadanan Pembangunan Pertanian Negeri Perak (PPPNP) today announced a strategic partnership for Al Rajhi Bank to provide financing facility worth RM24 million to PPPNP’s eligible land purchasers under the “Ladang Untuk Rakyat” agricultural project in Sungai Siput and Gerik, Perak.

The Memorandum of Participation signing ceremony was signed by Encik Azrulnizam Abdul Aziz, Chief Executive Officer of Al Rajhi Bank Malaysia and Encik Ahmad Rizal Bin Abdul Rahman, Chief Executive Officer of PPPNP witnessed by and Yang Amat Berhormat Dato' Seri DiRaja Dr. Zambry bin Abd. Kadir, Menteri Besar Perak, who is also PPPNP Chairman, in conjunction with PPPNP’s Hari Raya Open House.

Under the project, PPPNP will acquire the land from the State Government for the project that will be divided into one hectre lots and developed into palm oil plantations or other commodities. PPPNP will be appointed by the participants to the project to manage the plantations during the tenure of this project. This project will give the opportunity for participants to enjoy income from the project.

Through this understanding, Al Rajhi Bank pledges to support the Perak State Government in its effort to further improve the socio-economic state of its people under the “Ladang Untuk Rakyat”. "We are committed to provide Shariah compliant financing facilities to the participants of the project as our contribution in the government’s efforts in improving the socio-economy of the Perak state. The proposed collaboration with PPPNP is in line with our strategy to assist Malaysians in their endeavor to improve their state of living and the government’s efforts in building communities and the nation as a whole," said Encik Azrulnizam at the signing ceremony in Ipoh on Thursday.

Al Rajhi Bank has agreed to provide personal financing facility scheme to eligible participants to part finance participants’ acquisition of the land. Under the project, personal financing facility of up to 80%, will be offered to each eligible participant.

In line with its corporate social responsibility programme, Al Rajhi Bank contributed to four charity homes at the PPPNP Raya Open House. The four recipients are Rumah Anak Yatim Darul Hikmah Sungai Itik in Gopeng, Perak, Rumah Anak Yatim Darussalam Tambun, Asrama Anak-Anak Yatim Nurul Ihsan Sungai Siput (U) Perak, and Maahad Tahfiz Al Quran Wal Qiraat Ad Din.

Al Rajhi Bank officially launched its Ipoh branch in May 2011 and now has 24 branches in the Kiang Valley and other state capital cities throughout Malaysia. It was recently accorded with the 2012 Malaysia Service to Care Award (MSCA) for the category of The Best of Malaysia Service to Care Award (Islamic Bank).