Cagamas

What Cagamas does

Cagamas Berhad, established in 1986, is the National Mortgage Corporation of Malaysia and a wholly-owned operating subsidiary of Cagamas Holdings Berhad. The company functions as a government-backed secondary mortgage market institution, providing liquidity to financial institutions through Purchase With Recourse (PWR) and Purchase Without Recourse (PWOR) schemes, and offering credit risk transfer solutions through Mortgage Guarantee Programme (MGP) products administered via its wholly-owned subsidiary Cagamas SRP Berhad. Cagamas SRP was established in 2011 and consolidated the group's entire mortgage guarantee business under its umbrella following a 2014 transfer from Cagamas MGP Berhad.

The company's product portfolio spans both conventional and Islamic finance. Key offerings include First Home MGP (providing up to 110% financing for first-time buyers with properties up to RM1 million), Green MGP (launched August 2025 for certified green properties up to RM2 million), the parent MGP for bank-level portfolio guarantees, and Skim Saraan Bercagar (SSB) reverse mortgage products for retirees aged 55 and above, including an Islamic-compliant SSB-i variant. Cagamas funds its operations by issuing conventional bonds and Islamic sukuk, including green, social, and sustainability-labelled variants, and reported total assets of RM56.2 billion with Profit Before Tax of RM476.9 million in 2025.

The business model generates revenue through three primary streams: guarantee fees paid by participating financial institutions on First Home MGP, Green MGP, and MGP portfolios; spread income earned on PWR and PWOR asset purchases (RM23.4 billion in PWR acquisitions during 2025); and net interest income from its RM56.2 billion balance sheet funded by debt securities issuance. Distribution operates as a B2B channel via participating banks (Affin Bank, Bank Muamalat, Bank Simpanan Nasional, Public Bank, and RHB Bank and their Islamic subsidiaries), supplemented by strategic partnerships with the Employees Provident Fund (EPF) and Agensi Kaunseling dan Pengurusan Kredit (AKPK) for SSB reverse mortgage distribution across major Malaysian cities. The company has cumulatively enabled more than 100,000 first-time home purchases and supported housing financing equivalent to approximately 2.3 million homes since inception, with 110,000+ first-time home owners assisted to date.

Name

Cagamas

Legal name

Cagamas Berhad

Website

https://cagamas.com.my

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

101–250 employees

Short description

Cagamas Berhad is Malaysia's National Mortgage Corporation, providing secondary mortgage market liquidity and credit risk transfer solutions to financial institutions. It enables first-time home buyers through First Home MGP, Green MGP, and SSB reverse mortgage products, holding RM56.2 billion in total assets.

Ownership category

akta.pro rank

Product category

Mortgage Guarantee and Secondary Mortgage Market Services

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Mortgage and Nonmortgage Loan Brokers (52231)

SIC

Asset-Backed Securities (6189), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Securitization Administration & Deal Services (Trustee, Custodian, Paying Agent) (FSALAFAK)

akta.pro secondary industries

Reverse Mortgage Origination (HECM & Proprietary) (FSALAIAA), Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH), Sukuk Origination & Structuring (Bank-led) (FSABAGAL)

Keywords

• Mortgage guarantee programmes
• Secondary mortgage market
• Islamic sukuk issuance
• Reverse mortgage products
• Home financing liquidity

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Mortgage Guarantee Fees: Cagamas SRP Berhad charges guarantee fees to participating financial institutions for mortgage guarantee coverage. Fees can be paid as lump sum one-time payment or annual recurring payment over the agreed tenure, payable upon full loan disbursement.
2. Debt Securities Issuance: Cagamas issues conventional and Islamic debt securities (bonds and sukuk) to fund its operations and acquire mortgage assets. In 2025, raised RM31.3 billion through bonds (RM10.2 billion), sukuk (RM17.6 billion), and alternative instruments (RM3.5 billion).
3. Purchase With Recourse Programs: Cagamas purchases conventional and Islamic assets through Purchase With Recourse (PWR) and Purchase Without Recourse (PWOR) schemes, providing liquidity to the financial system while earning spread income.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Cagamas Berhad is the National Mortgage Corporation of Malaysia, providing liquidity to the financial system by purchasing conventional and Islamic mortgage assets through Purchase With Recourse (PWR) and Purchase Without Recourse (PWOR) schemes. Through its wholly-owned subsidiary Cagamas SRP Berhad, it offers mortgage guarantee products (First Home MGP, Green MGP, MGP) that enable up to 110% financing for first-time home buyers, alongside Skim Saraan Bercagar (SSB) reverse mortgage products for retirees aged 55+, and funds operations through conventional bond and Islamic sukuk issuances in capital markets.

Product overview

Cagamas Berhad operates as the National Mortgage Corporation of Malaysia, providing liquidity solutions and mortgage guarantees to the Malaysian financial system. The product portfolio includes: (1) Conventional and Islamic liquidity products via Purchase With Recourse (PWR) and Purchase Without Recourse (PWOR) schemes; (2) Debt securities including conventional bonds and Islamic sukuk with green/social/sustainability variants; (3) Mortgage guarantee products offered through sister company Cagamas SRP Berhad, including First Home MGP (up to 110% financing for first-time buyers), Green MGP (for certified green properties), and MGP for financial institutions; (4) Reverse mortgage products (SSB/SSB-i) for retirees aged 55+. Cagamas SRP Berhad is a wholly-owned subsidiary established in 2011 to undertake mortgage guarantee business under Skim Rumah Pertamaku (SRP) and subsequent programmes.

Differentiator

Problem solved

Functional benefit

Brands

• First Home Mortgage Guarantee Programme (First Home MGP): Mortgage guarantee programme helping first-time home buyers from B40 and M40 income segments secure up to 110% financing for properties up to RM1 million
• Green Mortgage Guarantee Programme (Green MGP)
• Mortgage Guarantee Programme (MGP)
• Skim Saraan Bercagar (SSB)
• Skim Saraan Bercagar Islamik (SSB-i)

Products and services

• First Home Mortgage Guarantee Programme (First Home MGP) A mortgage guarantee programme helping first-time home buyers from B40 and M40 income segments secure up to 110% financing for properties up to RM1 million through participating financial institutions. Offered under Cagamas SRP Berhad.
• Green Mortgage Guarantee Programme (Green MGP) A mortgage guarantee programme for eco-conscious home buyers, enabling up to 110% financing for certified green residential properties or non-certified homes with green enhancements (e.g. solar panels). Offered through participating financial institutions including RHB.
• Mortgage Guarantee Programme (MGP) A credit risk, portfolio and capital management tool for mortgage lenders, providing first-loss guarantee coverage on a specified portion of loan or financing value. Available for both conventional and Islamic house financing through participating financial institutions.
• Skim Saraan Bercagar (SSB) - Reverse Mortgage A reverse mortgage product for retirees aged 55 and above, allowing them to convert their residential property into fixed monthly income streams throughout their lifetime while continuing to reside in their home. Distributed through EPF and AKPK branches and online via digitalssb.cagamas.com.my.
• Skim Saraan Bercagar Islamik (SSB-i) An Islamic-compliant reverse mortgage product for retirees aged 55+, providing Shariah-compliant financing solutions for converting property equity into monthly income streams throughout their lifetime.
• Purchase With Recourse (PWR) Scheme Cagamas purchases conventional and Islamic assets through Purchase With Recourse schemes from financial institutions, providing ongoing liquidity solutions to the Malaysian financial system.
• Purchase Without Recourse (PWOR) Scheme Cagamas purchases conventional and Islamic assets without recourse from originators, enabling risk transfer for sellers while providing liquidity to the financial system.
• Conventional Debt Securities (Bonds) Conventional debt securities including bonds issued by Cagamas to fund its operations, with green, social and sustainability variants. RM10.2 billion raised through conventional bonds in 2025.
• Sukuk (Islamic Bonds) Islamic debt securities including green, social and sustainability sukuk issued by Cagamas to fund its Islamic operations. RM17.6 billion raised through sukuk in 2025, including the inaugural RM200 million ASEAN SRI Sukuk VRNs.
• Islamic Mortgage Guarantee Programme (MGP-i) Islamic mortgage guarantee programme providing Shariah-compliant mortgage guarantees through Purchase With Recourse and Purchase Without Recourse schemes for Islamic financial institutions.
• Islamic First Home Mortgage Guarantee Programme (First Home MGP-i) Islamic-compliant version of the First Home MGP, supporting eligible first-time home buyers in securing up to 110% home financing under Shariah principles through participating Islamic financial institutions.
• Capital Management Solution (CMS) Capital management solution helping financial institutions optimise capital and manage financing portfolio and credit risk effectively, integrated with Cagamas's mortgage guarantee and asset purchase programmes.

Quantifiable outcome

• Enabled more than 100,000 Malaysian households to purchase their first homes with housing financing equivalent of RM25 billion
• +4 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• RHB Banking GroupcoreStrategic or Co-development Partner · 28 January 2026Strategic collaboration to introduce conventional Green Home Financing scheme offering up to 110% financing for green-certified residential properties. RHB and Cagamas SRP partnership aims to make certified green homes accessible to wider Malaysian segments, combining RHB's banking capabilities with Cagamas' Green Mortgage Guarantee Programme.
• Exsim (Eastern Steamboat Malaysia)minorStrategic or Co-development Partner · 23 January 2026First property developer in Malaysia to partner with RHB Banking Group for the 110% Green Home Financing Guarantee Programme, offering financing across 17 green-certified residential developments.
• Employees Provident Fund (EPF)coreChannel Partner/ Reseller/ Distributor · 14 December 2021Strategic partnership for SSB reverse mortgage distribution. EPF designated branches serve as application submission points, providing easy access for retirees to apply for Skim Saraan Bercagar products.
• Asian Secondary Mortgage Market Association (ASMMA)coreStrategic or Co-development PartnerCagamas is an active member of ASMMA, participating in annual meetings and industry forums to share knowledge on secondary mortgage market development, product best practices, and affordable housing finance solutions across member countries.
• Agensi Kaunseling dan Pengurusan Kredit (AKPK)coreChannel Partner/ Reseller/ DistributorStrategic partnership for SSB reverse mortgage distribution. AKPK provides financial education and advisory services to applicants, conducts pre-assessment tests, and facilitates the reverse mortgage financial advisory module. Cagamas maintains ongoing collaboration with AKPK including courtesy visits to explore further collaboration in financial accessibility and sustainability initiatives.
• Bank Negara MalaysiacoreOthersRegulatory oversight and policy alignment for Malaysia's housing finance ecosystem. Cagamas operates under regulatory frameworks including BNM Risk Weighted Capital Adequacy Framework for capital relief calculations.
• Housing WatchminorOthersIndustry data and market intelligence partner for housing market information.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Fannie Mae: US government-sponsored enterprise that purchases residential mortgages from lenders and securitizes them into MBS, with an explicit government charter similar to Cagamas's National Mortgage Corporation mandate. Direct functional analog in the largest mortgage market globally.
• Freddie Mac: US government-sponsored enterprise with a parallel mission to Fannie Mae of purchasing and securitizing residential mortgages. Comparable in its secondary market role, government backing, and securitization franchise to Cagamas.
• Hong Kong Mortgage Corporation (HKMC): Hong Kong's equivalent national mortgage corporation that purchases mortgages, provides mortgage insurance, and issues debt securities. Closest regional direct peer to Cagamas given similar Asian market dynamics, government backing, and securitization focus.
• Canada Mortgage and Housing Corporation (CMHC): Canada's national housing agency and Crown corporation that purchases mortgage loans, provides mortgage insurance, and supports housing affordability. Direct peer in mandate as a government-backed secondary mortgage market participant and housing finance enabler.

Regional players

• Korea Housing Finance Corporation (HF): South Korea's government-affiliated housing finance institution that purchases and securitizes mortgage loans through MBS issuance. Comparable regional peer in Asia with similar function as a national mortgage corporation, though serving the Korean market specifically.
• National Housing Bank (India): India's apex housing finance institution that regulates and supports housing finance companies and operates in the secondary mortgage market. Regional peer with similar mandate to develop housing finance markets and promote home ownership in an Asian emerging economy.

Broad incumbents

• Public Bank Berhad: Malaysia's largest domestic bank with a dominant mortgage lending franchise and a key participating financial institution in Cagamas's MGP programmes. Broad incumbent that operates the retail mortgage origination channel that feeds Cagamas's secondary market activities.
• Maybank: Malaysia's largest bank by assets with a major mortgage lending business and Islamic banking subsidiary. Broad incumbent and significant counterparty for Cagamas's securitization and guarantee programmes across both conventional and Islamic finance.
• CIMB Bank: Major Malaysian and regional bank with significant mortgage lending operations and capital markets capabilities. Broad incumbent that participates in Cagamas's mortgage purchase and guarantee programmes as both originator and potential competitor in capital markets activities.
• RHB Bank: Major Malaysian banking group and strategic partner of Cagamas in the Green Home Financing scheme with a RM90 billion Sustainable Financial Services commitment by 2027. Broad incumbent and direct distribution partner for Cagamas SRP's Green MGP and First Home MGP products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CagamasOfficial
• YouTubeyoutube.com/channel/UCaruNudTQQG4AGUmSHQ6rSg
• Facebookfacebook.com/Cagamas.Official
• LinkedInlinkedin.com/company/cagamas-berhad
• Instagraminstagram.com/cagamas_official

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cagamas