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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