15 Apr 2019
Malaysia's Cagamas and Philippines' NHMFC to Promote Homeownership
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Manila, Philippines (15 April 2019) - Cagamas Berhad (Cagamas), the National Mortgage Corporation of Malaysia and National Home Mortgage Finance Corporation (NHMFC) sealed a Memorandum of Cooperation (MOC) to jointly explore housing financing methods to promote homeownership in their respective countries.
The MOC was inked by Cagamas President/ Chief Executive Officer, Datuk Chung Chee Leong and his Philippines counterpart, NHMFC President, Dr. Felixberto U. Bustos Jr.
Datuk Chung said, “The MOC marks an important milestone in the collaboration between Cagamas and NHMFC. Cagamas welcomes this initiative which aims to enhance the strategic cooperation between Malaysia and Philippines, including amongst others, research and knowledge sharing related to housing finance. This initiative is in line with both institutions’ mandate to develop the secondary mortgage finance market.”
The MOC enables the wealth of domestic experience in housing finance, mortgage and financial instruments to be mutually exchanged between Malaysia and Philippines. This is expected to enhance the stability of housing and mortgage markets, mortgage backed securities (MBS) as well as other funding instruments to leverage private capital to the housing market. A central feature includes identifying and attracting private and public capital investment.
Cagamas is the second largest issuer of debt instruments after the Government of Malaysia and the largest issuer of AAA corporate bonds and sukuk in the market. Since incorporation in 1986, Cagamas has cumulatively issued circa RM319.1 billion (US$96 billion) worth of corporate bonds and sukuk.
“We are more than elated with this new seal of cooperation with NHMFC’s counterpart from our neighbour country, Malaysia’s Cagamas Berhad. This MOC espouses our aim to create a Shari’ah-compliant pool of assets through Islamic Housing Finance,” NHMFC President Dr. Felixberto U. Bustos Jr. said during the event. With the corporation’s impending issuance of sukuk bonds, he requested assistance from Cagamas in initially creating the Shari’ah Council, structuring of the asset for the sukuk issuance, and assistance in terms of marketing the sukuk issuance and later, in strengthening the NHMFC workforce through knowledge sharing, trainings, and marketing partnership. At present, NHMFC has identified five (5) projects that are potential for sukuk issuance.
The MOC was inked by Cagamas President/ Chief Executive Officer, Datuk Chung Chee Leong and his Philippines counterpart, NHMFC President, Dr. Felixberto U. Bustos Jr.
Datuk Chung said, “The MOC marks an important milestone in the collaboration between Cagamas and NHMFC. Cagamas welcomes this initiative which aims to enhance the strategic cooperation between Malaysia and Philippines, including amongst others, research and knowledge sharing related to housing finance. This initiative is in line with both institutions’ mandate to develop the secondary mortgage finance market.”
The MOC enables the wealth of domestic experience in housing finance, mortgage and financial instruments to be mutually exchanged between Malaysia and Philippines. This is expected to enhance the stability of housing and mortgage markets, mortgage backed securities (MBS) as well as other funding instruments to leverage private capital to the housing market. A central feature includes identifying and attracting private and public capital investment.
Cagamas is the second largest issuer of debt instruments after the Government of Malaysia and the largest issuer of AAA corporate bonds and sukuk in the market. Since incorporation in 1986, Cagamas has cumulatively issued circa RM319.1 billion (US$96 billion) worth of corporate bonds and sukuk.
“We are more than elated with this new seal of cooperation with NHMFC’s counterpart from our neighbour country, Malaysia’s Cagamas Berhad. This MOC espouses our aim to create a Shari’ah-compliant pool of assets through Islamic Housing Finance,” NHMFC President Dr. Felixberto U. Bustos Jr. said during the event. With the corporation’s impending issuance of sukuk bonds, he requested assistance from Cagamas in initially creating the Shari’ah Council, structuring of the asset for the sukuk issuance, and assistance in terms of marketing the sukuk issuance and later, in strengthening the NHMFC workforce through knowledge sharing, trainings, and marketing partnership. At present, NHMFC has identified five (5) projects that are potential for sukuk issuance.
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