15 November 2021

Applications for URUS are now open for eligible B50 customers.

Press Release
15 November 2021

Applications for URUS are now open for eligible B50 customers.

Press Release

Kuala Lumpur, Monday, 15 November 2021 - Further to the announcement made by the banking industry on 14 October 2021, The Association of Banks in Malaysia (ABM), Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), Association of Development Finance Institutions of Malaysia (ADFIM) and Agensi Kaunseling dan Pengurusan Kredit (AKPK) are pleased to announce that applications for the Financial Management and Resilience Programme (Program Pengurusan dan Ketahanan Kewangan, URUS) for eligible B50 individual customers are now open and will remain open until 31 January 2022.

URUS is available to individual customers who are under an existing repayment assistance programme provided by the banks as at 30 September 2021 and meet all of the following criteria:

  • B50 customers with gross monthly household income of RM5,880 or lower;
  • Who are experiencing:
    • loss of employment, or
    • income reduction of at least 50%; and
  • Whose loan/financing facility is still performing (not in arrears exceeding 90 days) as at the date of URUS application.

Under URUS, AKPK will provide the customer with a personalised financial plan that is developed holistically, taking into account the customer’s financial circumstances and ability to afford repayment of all financing obligations.

Eligible B50 customers who wish to apply for URUS may do so directly with their banks. For further assistance, customers can contact their banks via the internet banking or telephone banking channels, or walk-in at branches. Customers who have loan/financing facilities from multiple banks only need to apply to any one of their banks where they currently have performing facilities under an existing repayment assistance programme.

URUS application forms and details of the URUS process, including frequently asked questions (FAQs), are available on the banks’ websites and at their branches. More details on URUS are also available on the banking associations’ and AKPK’s websites.

Banks remain committed to assisting their customers during this challenging period caused by the COVID-19 pandemic, and are mindful that customers would require time to get back on their feet financially as the economy gradually recovers. As such, customers who do not satisfy the criteria for URUS are advised to contact their respective banks to discuss other loan/financing facility repayment options that would suit their individual financial circumstances.

On matters relating to repayment assistance, bank customers are reminded not to engage with any third parties claiming to be agents/representatives of the banks. Banks and AKPK do not appoint or authorise any third parties or agents to act on their behalf for this purpose.

About The Association of Banks in Malaysia (ABM)

The Association of Banks in Malaysia (ABM) has 26 members comprising the commercial banks that currently operate in Malaysia. The main objective of ABM is to promote the establishment of a sound banking system in Malaysia in cooperation and consultation with the regulators. Guided by ABM's mission statement, "Forging public understanding for a responsible and responsive banking industry", ABM takes on the role of an important intermediary between banking customers and its member banks. ABM aims to facilitate and create a conducive yet competitive banking environment while promoting orderliness and ethical banking practices. For more information, visit www.abm.org.my.

About Association of Islamic Banking and Financial Institutions Malaysia (AIBIM)

The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) was established in 1995 as the Association of Interest Free Banking Institutions Malaysia. Currently, AIBIM has 26 member banks consists of 11 domestic banks, 5 development financial institutions and 10 locally incorporated foreign banks. The organisation promotes sound Islamic banking system and practice in Malaysia; represents interest of members locally and abroad; provides advice and assistance to members pertinent in the development on Islamic banking and finance at local, regional and global level; coordinates human capital development initiatives and promotes public awareness. For more information, www.aibim.com.

About Association of Development Finance Institutions of Malaysia (ADFIM)

ADFIM was established on 12 January 1981 with only 10 members and now its members consist of 16 organizations with the aim of enhancing the knowledge, expertise and effectiveness in all aspects of development finance and research among its members. It also aims to promote the establishment of a sound institutional structure for the financing of development and to promote sound practices in the business and profession of development financing and development banking in Malaysia.

Members of ADFIM are divided into 2 main clusters, which are: -

Seven other DFIs are under supervision of various ministries and government agencies which include Borneo Development Corporation (Sabah), Borneo Development Corporation (Sarawak), Credit Guarantee Corporation, Malaysian Industrial Development Finance, Sabah Development Bank, Sabah Credit Corporation and Development Bank of Sarawak Berhad.

  1. Development Finance Institutions (DFI) which consist of five banks under the Development Financial Institutions Act 2002 which include Agrobank, Bank Pembangunan Malaysia Berhad, Bank Simpanan Nasional, Bank Rakyat and SME Bank.
  2. Entrepreneur Development Organizations (EDO) which include Perbadanan Nasional Berhad, Perbadanan Usahawan Nasional Berhad, Majlis Amanah Rakyat and Malaysian Technology Development Corporation.

For information on ADFIM, please visit www.adfim.com.my.

About Agensi Kaunseling dan Pengurusan Kredit (AKPK)

The Credit Counselling and Debt Management Agency, or commonly known as Agensi Kaunseling dan Pengurusan Kredit (AKPK), is an agency set up by Bank Negara Malaysia in April 2006 to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit. We are committed to empower the community―households and SMEs―to be financially resilient via customer-centric financial education, advisory and debt management services. To find out more about AKPK, please visit www.akpk.org.my.