Ar Rahnu Tekun aims to open four branches soon

tekun

JOHOR BAHRU: Ar Rahnu TEKUN, which offers mortgage financing by accepting gold products or jewellery as collateral, plans to open four more branches in the near future.

It would focus on setting up new branches in states where its service was currently unavailable, said the National Entrepreneurial Group Economic Fund (TEKUN Nasional) Managing Director and Chief Executive Officer Datuk Baharom Embi.  

“We target to have a branch in each state, but in the near term, we are targetting four branches in states where we do not have operations.

“We are awaiting the approval of TEKUN Nasional's board of trustees,” he told reporters after the official opening of Ar Rahnu TEKUN's eighth branch here today.

Besides Johor Bahru, Ar Rahnu TEKUN also has branches in Shah Alam, Wangsa Maju, Sentul, Semenyih, Alor Setar, Tawau and Kota Bharu.

From 2015 (when it began operations) till last month, Ar Rahnu TEKUN has disbursed RM20.2 million in total financing through more than 8,713 transactions.

Baharom said the Ar Rahnu TEKUN's pawn-broking service had become a popular choice of financing, as its storage fee was a third less than that of the conventional scheme.

Apart from financing through gold pawn-brokerage, Ar Rahnu TEKUN also provides jewellery cleaning and gold product storage service for a fee, also known as “ujrah”. - Bernama