PATTANI, Thailand: The Malaysian Islamic Economic Development Foundation (YaPEIM) expects to be able to franchise its Ar-Rahnu Islamic pawnshop micro-credit financing scheme to Pattani, Thailand in two to three years.
YaPEIM director-general Datuk Dr Abd Malek Awang Kechil said YAPEIM’s well-established Ar-Rahnu business in Malaysia, with full government support, had prompted it to expand overseas.
“We will express our wish to venture abroad to the governments of Thailand and the region at the two-day Regional Ar-Rahnu Secretariat Conference 2012.
Datuk Dr Abd Malek Awang Kechil
“Thailand lacks the funds to develop its Ar-Rahnu business, and we see an opportunity to expand here, besides helping Thailand to develop its Ar-Rahnu business,” he told reporters after the conference opening here.
“However, we will need to get permission from the Thailand government and discuss with countries in the region first.
“If we are allowed to expand to Thailand, it could become a means to help Islamic cooperatives here as they would not need to look for additional funds,” he said.
He said YaPEIM was in the process of identifying potential partners here and in several other places, and was also looking at opportunities in several Asean countries, the Middle East, Central Asia and the Indian subcontinent.
“YaPEIM’s main objective is to help regional neighbours develop their Ar-rahnu business, and Cambodia and Timor Leste have shown an interest,” he said, adding more studies should be done on the people’s acceptance of the Ar-Rahnu financing scheme.
Abd Malek said YaPEIM has had talks with the Islamic Development Bank and was consulting legal experts on its plan to venture overseas.
“We have identified strategic locations for our franchise programme, and the feasibility studies have begun,” he added. — Bernama