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Bank Rakyat Introduces Ar-Rahnu X'change

KUALA LUMPUR, Dec 7 (Bernama) -- Bank Rakyat, through its subsdiary Rakyat Management Services Sdn Bhd (RMS), has introduced the first Islamic pawn-broking franchise called Ar-Rahnu X'Change, specially tailored for cooperatives in the country.

The Ar-Rahnu X'Change franchise scheme is an initiative to churn out more Bumiputera entrepreneurs, said Entrepreneur and Co-operative Development Minister, Datuk Seri Mohamed Khaled Nordin.

"The introduction of the scheme will open up business opportunities where cooperatives in the country can offer micro-credit loans to its members," he told reporters after officiating the Ar-Rahnu X'Change outlet in Bandar Baru Sentul, here Thursday.

Meanwhile, Bank Rakyat Chairman Tan Sri Dr Syed Jalaludin Syed Salim said since it was introduced in 1993, the Ar-Rahnu scheme has received encouraging response.

Currently, it controls 21 percent or RM630 million of the Islamic pawn-broking market in the country which is estimated at RM3 billion.

He said 25 more Ar-Rahnu X'Change outlets will be opened throughout the country.

-- BERNAMA

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