KOTA BAHARU: Prime Minister Datuk Seri Najib Tun Razak said the role of Permodalan Nasional Bhd (PNB) in empowering the Bumiputera economy is something that cannot be denied since it has succeeded in managing investors’ funds from the public, especially the lower income group.
Najib said 75 per cent of Bumiputeras were living below the poverty line in the beginning of independence, and in the 1970s, were holding only two per cent in equity.
“However, the formation of PNB as an important New Economic Policy instrument has helped the national affirmative policy to restructure society through Bumiputera share ownership in various corporate sectors, thus giving an opportunity to Bumiputera professionals to contribute directly to the country’s wealth creation and management.
“It was clear that after 36 years, more than RM267 billion in funds of the people were managed excellently by PNB through trust funds such as Amanah Saham Nasional, Amanah Saham Bumiputera, Amanah Saham Malaysia, AS1Malaysia and proprietary funds,” he said at the launch of the Malaysia Unit Trust Week 2014 at the Rural Transformation Centre here yesterday.
Najib said this has led the way for Bumiputeras to venture into various strategic sectors which was never dreamed of by them before.
“This innovation, which allows the rakyat to be shareholders with as low as RM10, has made PNB the most successful public institution which became a model to the outside world.
“This again proved the government’s commitment to realise the spirit of ‘Maqasid al-Syariah’ in the context of wealth management, fulfilling the principles underlined by Allah SWT,” he said.
The prime minister also lauded PNB’s initiative to expand the syariah-compliant portfolio.
He said one of PNB’s most important portfolios, which is Maybank, has shown tremendous Islamic banking asset growth through Maybank Islamik which expanded in terms of assets from RM3.6 billion to RM127 billion.
“Maybank now operates as the third largest Islamic commercial bank in the world in terms of assets and the largest in South-East Asia,” he said.
MSAM 2014, with the theme ‘PNB 360 Investment’, starts today until April 27 and is filled with various activities for the public.
It is made possible with the support of PNB Group’s partners: Malayan Banking Bhd, Sime Darby Bhd, I&P Group Sdn Bhd, UMW Holdings Bhd, Chemical Co of Malaysia Bhd, Malaysian Industrial Development Finance Bhd, MNRB Holdings, NCB Holdings Sdn Bhd, Takaful Ikhlas Sdn Bhd and Pernec Corp Bhd. —Bernama