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YaPEIM To Increase Funds For Ar-Rahnu Financing To RM1 Billion Next Year

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.

-- BERNAMA

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

Maybank offers silver investment account

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.

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Posted by Mr Thx 0 comments

Pos Malaysia to offer Islamic pawn broking

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

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Posted by Mr Thx Monday, July 2, 2012 0 comments

I think the market has bottomed out

"The crash is over", says an economist. "Housing can only go up," says another. "I think the market has bottomed out," says one builder. "It appears we have turned the proverbial corner," says a second.

After hitting a low with stocks in March 2009, U.S. single family building permits rallied in three waves into March 2012. The latest high is more than 65% below the September 2005 peak. A MarketWatch commentary insists, "Permits Push Signals U.S. Housing Boom." These assessments are flooding in even though many home buyers from 2010 and 2011 are already underwater! According to CoreLogic, more than one millions U.S. home buyers who have taken out low-money-down FHA mortgages over the last two years already owe more on their loan than their homes are worth. The FHA's policy of accepting almost no money down is deadly when..... continues in the May issue of EWI's Financial Forecast 10 page report available for FREE.
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Posted by Mr Thx Monday, May 28, 2012 0 comments

Secrets of the Spanish Banking System That 99% of Analysts Fail to Grasp

Spain is a catastrophe on such a level that few analysts even grasp it.
Indeed, to fully understand just why Spain is such a catastrophe, we need to understand Spain in the context of both the EU and the global financial system.

The headline economic data points for Spain are the following:

Spain’s economy (roughly €1 trillion) is the fourth largest in Europe and the 12^th largest in the world.
Spain sports an official Debt to GDP of 68% and a Federal Deficit between 5.3-5.8% (as we’ll soon find out the official number)
Spain’s unemployment is currently 24%: the highest in the industrialized world.
Unemployment for Spanish youth is 50%+: on par with that of Greece

On the surface, Spain’s debt load and deficits aren’t too bad. So we have to ask ourselves, “Why is unemployment so high and why are Spanish ten year bills approaching the dreaded 7%?” (the level at which Greece and Portugal began requesting bailouts).
The answer to these questions lies within the dirty details of Spain’s economic “boom” of the 2000s as well as its banking system.
For starters, the Spanish economic boom was a housing bubble fueled by Spain lowering its interest rates in order to enter the EU, not organic economic growth.
Moreover, Spain’s wasn’t just any old housing bubble; it was a mountain of a property bubble (blue line below) that made the US’s (gray line below) look like a small hill in comparison.