Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) and Congress of Unions of Employees in the Civil Service
(Cuepacs) have set up a syariah financing cooperative scheme (KOPSYA) to free civil servants of bank debt.
Cuepacs president Omar Osman said the establishment of KOPSYA was to help civil servants make loans while avoiding them from making loans with high interest rates.
He said KOPSYA managed by ANGKASA could help civil servants in making loans via salary deduction and help those who could not repay bank debt to avoid being declared bankrupt.
“We don’t want 1.5mil civil servants to borrow from illegal channels as it will cause problems.
“Cuepacs will go on a roadshow nationwide to encourage civil servants to register with cooperatives under ANGKASA,” he told a press conference at Wisma Ungku Aziz in Kelana Jaya yesterday.
He said KOPSYA scheme would avoid civil servants form being sued by banks while encouraging them to borrow within their means.
Meanwhile, ANGKASA president Prof Dr Mohd Ali Baharum said KOPSYA which did not charge service tax was expected to attract civil servants make loans at affordable rates.
“KOPSYA scheme is already in place but it will only be fully operational in about two months,” he added.