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Tekun Nasional spends over RM17 mln on Ar Rahnu financing
Last update: 18/04/2018

KOTA BHARU, April 18 (Bernama) -- The National Entrepreneur Group Economic Fund (TEKUN Nasional) has spent over RM17 million on loans for customers of its Ar Rahnu product, an Islamic pawnbroking scheme which it introduced in 2015.

Ar Rahnu allows gold jewellery to be used as collateral for cash loans to customers.

TEKUN National managing director and chief executive officer, Datuk Baharom Embi said the amount given out involved 8,000 transactions at its Ar Rahnu branches across the country.

"With this development, we believe there is increasing confidence among customers, especially micro entrepreneurs in our product, hence spurring TEKUN Nasional to expand its services nationwide,Ē he told reporters after the opening of its Ar Rahnu Kota Bharu branch, today.

Also present was TEKUN Nasional Kelantan manager, Che Othman Che Wil.

The Kota Bharu branch is TEKUN Nasionalís seventh, providing an opportunity for small-scale entrepreneurs and would-be entrepreneurs in town and in the rural areas to expand or start a business to improve their economy.

Baharom said the Shariah-compliant Ar Rahnu scheme was an effort by TEKUN Nasional to assist entrepreneurs facing financial constraints.

He said another TEKUN Nasional Ar Rahnu branch would open in Johor Bahru this July.

The financing scheme charges a very low storage fee of RM0.50 per RM100 worth of collatoral, with financing up to RM100,000.

Other services provided include jewellery cleaning for as low as RM3, jewellery safekeeping at RM0.60 per RM100 of its value, and consultancy for those interested to venture into the Ar Rahnu business.

-- BERNAMA

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