CIMB Islamic to launch pawnbroking in Malaysia

Following its success in Indonesia, the Ar-Rahnu Islamic pawnbroking business will be launched by CIMB Islamic Bank in Malaysia.

It will be under CIMB Niaga Syariah, said CEO Badlisyah Abdul Ghani.

"We've been fairly successful in our Ar-Rahnu business in Indonesia and it's time for us to do the business here. We've obtained Bank Negara's approval and once we finalise our delivery framework, we'll launch the business most likely in the east coast," said Badlisyahi.

"Malaysia's market size is large and we believe there are ample opportunities for us despite being a late starter," he added.

Although Badlisyah was cautious about the performance this year, he expects CIMB Islamic Bank and the group's overall Islamic banking franchise to experience another good year.

"I am cautiously optimistic about 2012 in the light of all that is happening globally and the tighter regulatory framework and the general election fever at home, but I believe we will do well this year, better than last year, he states"

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