KUALA LUMPUR, Nov 13 — Pos Malaysia Bhd expects its wholly-owned subsidiary Pos Ar-Rahnu Sdn Bhd to disburse RM1 billion in financing to its Islamic pawnbroking (Ar-Rahnu) business by 2018.
Ar-Rahnu is a shariah-based pawnbroking system for short-term collateralised borrowing.
Chief Executive Officer Datuk Mohd Shukrie Mohd Salleh said since its inception in June 2012 until Oct 31, 2015, Pos Ar-Rahnu has disbursed more than RM700 million in financing to over 100,000 customers including foreigners.
“Currently, we have 65 Ar-Rahnu outlets nationwide selling investment gold products,” he told reporters after the announcement of its collaboration with physical gold trading company Public Gold Group here today.
He said the collaboration is in response to groowing market demand for investment precious metals.
“We see the need to open up more product distribution channels for the public’s convenience to encourage them to keep physical gold for a brighter, more secure future.
“Besides selling gold products, Pos Ar-Rahnu has also embarked on the used gold buyback business, offering more than 90 per cent margin for buying any used gold, jewellery, dinar or gold bars,” he added.
Pos Malaysia also targets its Ar-Rahnu business segment to contribute between RM25 million and RM30 million to its overall revenue for its upcoming financial year. — Bernama
