Tag Archives: Malaysian Islamic Development Foundation

DSC_0421-1

Ar-Rahnu Making an Impact

Share

Thirty Ar-Rahnu branches will be established in Perak by end 2014. This is the projected figure the Malaysian Islamic Development Foundation or Yayasan Pembangun Ekonomi Islam Malaysia (YaPEIM) has in mind for the state.

The syriah-compliant pawn-broking scheme was introduced by the foundation in 1993. Since then over 4.6 million people nation-wide have benefited from it. A collective sum of about RM6.6 billion has been disbursed so far.

There are presently 11 Ar-Rahnu branches in Perak. “Three more branches will be built this year, one each in Lenggong, Manjoi and Lumut,” said YaPEIM Group Chief Executive Officer, Abdul Malek Awang Kechik to reporters after the MOU-signing ceremony between YaPEIM and Yayasan Bina Upaya Darul Ridzuan (YBU) at Tasik Raban Resort, Lenggong on Wednesday, March 23.

The pawn-broking scheme is most beneficial for small-time businessmen who require capital to start their businesses. They pawn their treasured belongings for cash and redeem them based on syriah principles.
The signing ceremony was observed by Menteri Besar Perak, Dato’ Seri Dr. Zambry Abdul Kadir. The signatories were Haji Mokhtar Abdul Razak, Deputy Director of YaPEIM and Hairul Anwar Mohamed Noor, Chief Corporate Services of YBU. The Al-Mudarabah Agreement between the two parties was signed by Wan Johan Wan Ismail, Chairman of Koperasi YaPEIM and Hairul Anwar of YBU.

Yayasan Bina Upaya will be the fund provider for YaPEIM’s Ar-Rahnu scheme in Perak while Koperasi YaPEIM, the administrator. Revenue generated from the deal will be shared between the two entities.

RM