Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa) is still waiting for a licence from the government before its banking arm, Islamic Cooperative Bank of Malaysia (ICBM), can operate.

Angkasa president Prof Mohd Ali Baharum said the ICBM “establishment blueprint has been accepted” and the bank was expected to start operation in April next year with an authorised capital of RM400 million.

“Angkasa has had a discussion with the Islamic Development Bank (IDB) in Jeddah and offered 30 percent shares or become ICBM’s partner.

“IDB can make it easy for ICBM to penetrate member countries of the Organisation of the Islamic Conference,” he told reporters after the launch of a consumer seminar in Sungai Petani today.

Ali said that among ICBM's objectives was to offer capital to about 556 credit cooperatives nationwide and it would not compete with existing cooperatives.

Its focus was to help members so that they would not be burdened by loans taken from other banks and ICBM would bring great benefits to over 4,200 cooperatives and their seven million members nationwide, he added.

- Bernama