Pawnbrokers in for a strong financial year

The pawnbroking business has been the fastest growing segment in the financial services sector in Malaysia. — Bloomberg

THE festive period and the rally in gold price is leading many with gold-based items to the 790 or so licensed pawnbroking service providers in the country.

Newspaper reports stated cash-strapped traders have been pawning their gold ornaments and jewellery to fund their Ramadan bazaar stalls while some borrowers may have taken the opportunity offered by the price rally to move into cash temporarily.