Bank Rakyat eyes 9 more Ar-Rahnu X'change

15 FEBRUARY 2010-BUSINESS TIMES

 

RAKYAT Management Services Sdn Bhd (RMS), a wholly-owned subsidiary of Bank Rakyat, aims to open nine more Islamic pawnbroking Ar-Rahnu X' changes this year, bringing the total to 25.

Seven of the exchanges will be fully owned by Bank Rakyat while nine, including the exchange opened yesterday, will be franchised to cooperatives, said Rakyat Management Services general manager Mohamad Sabri Mohamed Nor.

The 16th Ar-Rahnu X' change in Balakong, near Seri Kembangan, was opened yesterday by Deputy Prime Minister Tan Sri Muhyiddin Yassin.

The franchisee for the newest X'change is Koperasi Kesatuan Guru-Guru Melayu Malaysia Barat Bhd (West Malaysia Malay Teachers' Union Cooperative), said Mohamad Sabri.

 

The second exchange this year will be opened at Taman Seri Muda in Shah Alam next month. The franchise is opened to only cooperatives, he said. - Bernama