Hikmah Exchange, a crucial turning point in preserving Malay community’s assets

 
KUCHING: The newly launched Hikmah Exchange Event Centre represents a pivotal juncture in safeguarding the assets held by the Malay community within the city.
 
In stating this, Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said this is because there were not many real estates left by the Malay community following the rapid development that has taken place over the past few years.
 
“Therefore, the aspiration of the Sarawak government is for this centre to excel in preserving and upholding historical infrastructure through digital innovation.
 
“Most importantly, it is envisioned to contribute to enhancing the competitiveness of ‘old Kuching’ as a tourist destination, ultimately elevating the socio-economic status of the local community,” he said when launching the Hikmah Exchange Event Centre here last night (Aug 5).
 
Abang Johari added that the approach by Yayasan Hartanah Bumiputera Sarawak (YHBS) in the management of Malay native land can be used as a model for the other Bumiputera communities in Sarawak.
 
“There were properties belonging to the Malay community that had been subjected to division among entitled heirs under the Islamic Faraid Law.
 
“Fortunately, now we have Permodalan Satok Bhd (PSB), and PSB takes over the property and, under YHBS, manages the properties.
 
“This approach safeguards the assets held by the Malay community, and it could be developed with other communities.
 
“This is the first time we have had this arrangement, and I wish to share that those who want to develop new villages in Kuala Lumpur have come to Kuching to learn from us on how we develop the Malay native land,” he said.
 
He added that he believed the Bumiputera communities would adopt the model to promote inclusive economic development alongside the Malay community.
 
“At the same time, it would allow effective property administration and management practices,” he said.
 
On the same note, he said that when he was the Satok assemblyman, he wanted to set up the Real Estate Investment Trust (REIT), which manages and administers land properties, with a new method that involves share ownership by individuals investing in the unit trust.
 
“Therefore, the Malay community can invest and save in the REIT, and definitely it (the dividend) can grow, and we can preserve the Malay area.
 
“This is so that it becomes an approach for us to look after the commercial interests and assets of the Malay community, enabling the Malay Bumiputera to cooperate with the community in the business world,” he said.
 
Meanwhile, Permodalan Satok Berhad (PSB) executive chairman Datuk Amar Abdul Aziz Husain said the Hikmah Exchange Event Centre will serve as a platform to encourage Bumiputera investors to engage and invest in real estate through participation in commercial REITs.
 
“In principle, the rental income generated from the real estate offers the community a chance to enjoy dividends.
 
“And this concept is in line with the original idea of the development of the centre, which is to benefit the community,” he said.