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Bank Rakyat Plans To Control 50 Percent Of Ar-Rahnu Market
SEMENYIH, Oct 6 (Bernama) -- Bank Rakyat plans to control 50 per cent of the country's Islamic pawn-broking market estimated at RM2 billion, according to managing director, Datuk Kamaruzaman Che Mat.
At present, Bank Rakyat controls 25 per cent of the Islamic pawn broking market, also known as Ar-Rahnu, with loan disbursements totaling RM1.2 billion annually.
"The increase in disbursements and the Ar-Rahnu loan balance to be disbursed from year to year, has made it among the business portfolios that contributed significantly to our performance.
"Loan disbursements from Januari to August this year reached as high as RM816 million while the Ar-Rahnu loan balance until August was RM915 million," he told a media conference after officiating the eighth Ar-Rahnu X' Change franchise network in Semenyih, Selangor, here Tuesday.
The network which has been operational from July 1 this year, is owned and managed by the Koperasi Pekerja-Pekerja Jabatan Perdana Menteri Malaysia Bhd, as a franchise.
Also present at the ceremony was Datuk Mohd Zain Mohd Dom, the Secretary General of the Ministry of Domestic Trade, Cooperatives and Consumerism and Datuk Mohd Zahir Osman, the chairman of the Koperasi Pekerja-Pekerja Jabatan Perdana Menteri Malaysia Bhd.
It is understood that the Yayasan Pembangunan Ekonomi Islam Malaysia (YPEIM), Permodalan Kelantan Bhd and Agrobank also offer the Ar-Rahnu scheme.
Ar-Rahnu is a Islamic pawn-broking business that ofers loans without any interest(only a low safe-keeping charge) and a high and flexible period of financing.
To control 50 per cent of the Islamic pawn broking market, Kamaruzaman said Bank Rakyat through its fully-owned subsidiary Rakyat Management Services Sdn Bhd, plans to open four Ar-Rahnu X'Change franchise outlets.
"Our target is to open five outlets annually which will be owned and managed by cooperatives.Two outlets will be opened at the end of this year and two more in early 2010," he said.
The locations identified are in Cheras, Shah Alam, Kota Bharu, and Kota Kinabalu.
To date, Rakyat Management Services is managing 15 Ar-Rahnu X'Change outlets. Of this, seven Ar-Rahnu X'Change outlets are owned by Bank Rakyat while eight are being run on a franchise basis.
Kamaruzaman said Ar-Rahnu X'Change Semenyih will have an estimated monthly rate of loan disbursements of RM500 thousand with the loan balance totalling RM3 million in its first year of operations.
-- BERNAMA |
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CLOSING, FRIDAY, NOV 20
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US |
3.3840/3870 |
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S'pore
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2.4348/4430 |
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100 Yen
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3.8065/8103 |
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Sterling
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5.6141/6204 |
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Euro |
5.0405/0460 |
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Source: Bank Negara
Malaysia |
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