The Angkatan Koperasi Kebangsaan Malaysia Berhad (Angkasa) is confident the Syariah Financing Cooperative (Kopsya) based on the Islamic banking system would be implemented in January, said Angkasa deputy president Datuk Abdul Fattah Abdullah.
He said at the moment about 200 credit cooperatives with a total accumulated fund of RM360 million had agreed to join the Kopsya scheme.
"We will begin with credit cooperatives before extending it to other cooperatives including school cooperatives and Kopsya is now in the process of appointing its board of directors," he told reporters after closing a seminar on integrity in cooperatives organised by Angkasa, here Sunday.
He said the establishment of Kopsya was expected to provide better benefits to cooperatives registered under Angkasa especially on credit loan, education loan and other credit facilities.
According to him the setting up of Kopsya was not to compete with other banking institutions but was aimed at facilitating its members in obtaining loans.