LENGGONG, The Malaysian Islamic Economic Development Foundation (YaPEIM) plans to expand its Islamic pawnbroking or Ar-Rahnu micro-credit system abroad, especially in member countries of the Islamic Development Bank (IDB).
Its director-general, Dr Abdul Malek Awang Kechil said a preliminary study was being carried out in five countries on the situation, structure, readiness and requirement, and legal framework.
"We are giving priority to Islamic countries besides China, which has an area of a big Muslim population where we can develop a financial centre," he told reporters after the signing of a memorandum of understanding (MoU) between YaPEIM and Yayasan Bina Upaya Darul Ridzuan (YBUDR) at Tasik Raban Resort here today.
He said the expansion plan would be made according to continents involving countries like India, Pakistan, Bangladesh, Saudi Arabia, Turkey, Bosnia and Albania.
Abdul Malek said YaPEIM had also forged collaboration with Thailand, Brunei and Indonesia.
He said since its inception in 1993, the Islamic pawnbroking had assisted over 4.6 million people in target groups with a total funding of RM6.6 billion.
Witnessed by Perak Menteri Besar Datuk Seri Abdul Kadir Zambry, the MoU was signed by YBUDR corporate services chief Khairul Anwar Mohamed and YaPEIM director-general Moktar Abdul Razali.
