KUCHING: The Malaysia Islamic Economic Development Foundation (YapEIM) has launched its new Ar Rahnu products.
The three products namely; Ar Rahnu Business, Ar Rahnu Education and Ar Rahnu Gold, are seen as YapEIM’s effort to diversify its financing portfolio in Islamic pawn-broking business.
“The new Ar-Rahnu pawn-broking products allow customers, especially those in the non-bankable group, to be able to obtain loans to fund their investment without complicated bureaucracy process,” said Board of Trustee member Dr Rosli Yaakop in his speech at the soft launching here yesterday.
On the Ar Rahnu business plan, he said it offers competitive banking products especially to small and medium entrepreneurs (SME).
He said one of the unique Ar Rahnu Business features is its offer of loan margin of up to 80 per cent within 10 months of mortgage.
To date, over 68,000 entrepreneurs have applied for YapEIM’s Ar Rahnu business plan.