SONGKLA (Thailand), July 9 (Bernama) -- Yayasan Pembangunan Islam Malaysia (YaPEIM) or Foundation for Islamic Development Malaysia, will be raising the funds for Ar-Rahnu financing to RM1 billion next year from RM800 million this year.

Its Director General, Datuk Dr. Abd. Malek Awang Kechil, said the move to increase funds was based on the rising demand from traders for the Islamic based mortgage product, particularly from operators of small enterprises.

"YaPEIM's Ar-Rahnu has received encouraging response due to its much lower mortage rates compared with other financial institutions.

"Besides that, the speedier processing time of 15 minutes has also contributed to the rising demand," he said following the launch of a corporate social responsibility programme at the Wittiya San Suksa Religious School here today.

Also present at the event was the founder of the school, Hasan Ali and Principal, Toha Cinda.

A total of RM108,000 in contribution was also given to help upgrade the school's infrastructures and its cooperative business to beef up the school's economic resources.

The contribution was in line with the resolution taken at the 2012 Regional Ar-Rahnu Secretariat Conference, which concluded in Pattani last night, to actively carry out CSR activities towards the well being of the Muslim community.

On the expansion of YaPEIM's Ar-Rahnu branches this year, Abd Malek said the foundation was aiming to open up 24 new branches this year involving an investment of about RM8 million per branch.

However, this would depend on the situation and if there are old branch offices in need of upgrading, they would be given priority rather than opening a new one, he said.

"The cost of investment needed for upgrading a branch would be about the same to building a new branch," he said.

Abd Malek said several franchise outlets will be also opened this year and that the foundation had already identified suitable locations for this.

YaPEIM currently has 256 Ar-Rahnu branches nationwide.


Posted by Mr Thx Tuesday, July 10, 2012 0 comments

KUALA LUMPUR: Malayan Banking Bhd (Maybank) aims to attract RM32 million in the first year for its new product that allows investors to invest in silver.

The banking group is the first in the country to offer a silver investment passbook account, which allows deposits and withdrawals in the precious metal to be made at a daily price in ringgit.

Maybank said in a statement yesterday that this could be done at any of its branches, without the hassle of keeping the physical silver.

The product, known as the Maybank Investment Silver Account, comes as Maybank diversifies its offerings on previous metals.

Many banks in the country, including Maybank, already have a similar product for investment in gold.

Maybank's deputy president and head of community financial services, Lim Hong Tat, said investing in silver was appealing since it was highly valued for jewellery and industrial practices.

"In addition, silver will always be valuable regardless of the economic climate.

"The returns on customers' investment are dependent on the silver price fluctuations and the transactions would be recorded in the customer's passbook for easy record and maintenance," he said.

Lim said the new product would address increasing demand from those who had been investing in international grade silver bars.

The minimum investment for the product is 20 grammes.

Purchases of silver will be based on Maybank's current silver selling price quoted in ringgit per gramme. It was priced at RM2.95 per gram as at July 3.

"With this innovative option, we are targeting 20,000 customers in one year," Lim said.

In 1997, Maybank introduced the Maybank Gold Investment Account (MGIA) that enables customers to invest in gold.

The MGIA now has a portfolio of more than 66,000 accounts with investments totaling more than RM650 million.


Posted by Mr Thx 0 comments

Pos Malaysia Bhd (Pos Malaysia) and Bank Muamalat Malaysia Bhd (BMMB) today signed a strategic partnership agreement
to offer Islamic pawn broking (Ar-Rahnu) services to the public at selected Pos Malaysia outlets nationwide.

Its chief executive Khalid Abdol Rahman said the ArRahnu@POS service would initially commence operations at Pos Malaysia Bandar Baru Bangi and the Kuala Terengganu General Post Office next month.

The services would be expanded gradually to 50 Pos Malaysia outlets within a year, he said, adding that the Islamic pawnshop system would be managed by Pos Malaysia subsidiary, Pos Ar-Rahnu Sdn Bhd.

"In view of the growing demand for Ar-Rahnu services, Pos Malaysia outlets which are strategically located would provide customers the convenience of accessing and performing Ar-Rahnu transactions," he said in a statement.

The existence of ArRahnu@POS would enhance the product offering at Pos Malaysia outlets besides offering an alternative micro-credit convenience to the public and small time entrepreneurs who may have difficulty in obtaining financing from a bank, he added.

Meanwhile, the statement also said Koperasi Pos Nasional Bhd has granted Pos Ar-Rahnu Sdn Bhd its Islamic pawn broking rights under a cooperation agreement signed between both parties.

Under the agreement, Ar-Rahnu services would be made available at selected Pos Malaysia outlets for three years. -- BERNAMA

Posted by Mr Thx Monday, July 2, 2012 0 comments
Related Posts Plugin for WordPress, Blogger...

Sekapur Sirih Seulas Pinang

My photo
Alor Gajah, Melaka, Malaysia
Sharing is caring. This blog is about sharing information that available in web space. The information is related to Finance, Business & Trading.

Enter your email address:

Delivered by FeedBurner