YaPEIM To Expand Ar Rahnu Business To Indonesia, Singapore & Cambodia

KOTA KINABALU (Sabah, Malaysia), Oct 28 (Bernama) -- The Malaysian Islamic Economic Development Foundation (YaPEIM) is expanding its micro-credit programme, YaPEIM Ar Rahnu, to Indonesia, Cambodia and Singapore next year. Director-General/Group Chief Executive Officer Abibullah Samsudin said the expansion was part of the agency's long-term plan to spread its wings to all 10 ASEAN countries. YaPEIM would open five branches each in Indonesia and Cambodia, while the number of branches in Singapore would be determined later, with an initial capital of US$1 million for each branch, he told reporters after launching YaPEIM's SPM Inspiration Programme at Sekolah Menengah Kebangsaan Inanam, Friday. Abibullah said the branches in Indonesia would be in Central Jakarta, North Jakarta, West Jakarta, South Jakarta and East Jakarta, before gradually expanding its presence throughout the republic. "As for Singapore, although it is a small country, 80 per cent of the chargors are Muslims, 80 per cent of whom pawn at conventional pawnshops, which is why we want to set up Ar Rahnu in the republic," he said. He said although 90 per cent of Cambodia's population were Buddhists, YaPEIM was optimistic its Ar Rahnu programme would be well-received based on the good response among non-Muslims in Malaysia towards the scheme. Citing examples of Ar Rahnu branches in Hutan Melintang, Perak and Kapar, Selangor, he said 60 per cent of customers at these branches were non-Muslims. Apart from gold, the Ar Rahnu scheme in Cambodia would also accept other assets such cars, motorcycles, land and even handphones, he added. -- BERNAMA