According to an announcement issued by the Ministry of Finance, the Ministry of Finance and three associations have decided to provide loan repayment assistance to flood victims.
The Ministry of Finance has held discussions with the Association of Banks in Malaysia (ABM), the Association of Islamic Banks and Financial Institutions in Malaysia (AIBIM) and the Association of Development Finance Institutions in Malaysia (ADFIM) and will announce more details in the near future.
When severe floods broke out in Penang in 2017, the bank offered borrowers a six-month moratorium on loan repayment based on individual circumstances. Bank users can also apply for new bank passbooks, bank cards, cheque books, etc. free of charge.
In addition, Prime Minister Datuk Seri Ismail Sabri announced at a noon press conference on December 19 that the government will allocate RM100 million for the reconstruction of flood-affected areas. Each affected family will also receive RM1,000 in assistance.
