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August 13, 2013 16:41 PM

Kokitab To Invest RM6 Million In Two Islamic Pawnbroking Shops In Dungun, Kemaman

By Ibrahim Abu Bakar

KUALA TERENGGANU, Aug 13 (Bernama) -- Koperasi Kakitangan Kerajaan Terengganu Berhad (Kokitab) will invest RM6 million to open two Islamic pawnbroking shops in Dungun and Kemaman, its Chairman Alias Mustafa said today.

He said they are now looking for strategically-located buildings to open the shops.

"We will be actively engaged in Islamic pawnbroking business as it is a profitable business. It is also a new source of revenue for us besides existing projects," he told Bernama.

Alias said Kokitab has been operating an Islamic pawnbroking shop in Kuala Terengganu town since last year and the outlet has been making good profit since the first year.

He said RM3 million was invested in that shop and the investment has benefited some 10,000 Kokitab members and non-members, particularly petty traders.

"Islamic pawnbroking business received good response from the people as the interest charged was very low vis-a-vis the conventional system," he said.

Alias said Kokitab was also actively involved in the property sector to build shophouses and residential homes for its members.

"If anyone wants to sell land, they can contact us. We will see the land and buy it if it is commercially viable to be developed," he said.

Currently, Kokitab has five units of four-storey buildings worth about RM4 million and the latest building to be built will be in Gong Badak.

"We will build eight units of four-storey buildings costing RM8 million," he said.

The buildings would be built early next year and would be sold at RM1.5 million a unit, he said.

Alias also said Kokitab made RM1.8 million profit last year, the highest in 10 years.

Of the total, RM1.2 million was paid out as dividend to members a week before the May 5 general election.

-- BERNAMA

 

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