New concept branch for Islamic pawnbroking services

Ar-Rahnu Express’ new concept branch at Mydin USJ.

AR-RAHNU Express has launched a new concept branch at Mydin USJ with a new modern interior.

This new concept intends to attract the interest of Mydin USJ’s customers and provide a distinct customer experience when compared to the existing concept of Islamic pawnbroking services.

The new branch features added facilities, such as a dedicated VIP room for those seeking privacy, charging points for mobile phones or laptops, as well as a waiting area complete with a self-service coffee and tea machine.

Launching the branch were Habib Group executive chairman Datuk Seri Meer Sadik Habib and group executive director Datin Seri Zarida Noordin.

Also present were Mydin Mohamed Holdings group managing director Datuk Ameer Ali Mydin and its director Datin Dr Siti Hawa Mohd.

“Of late, pawnbroking services have become more universal and are better accepted by a wider society, ” said Meer Habib.

He said Ar-Rahnu Express’ customer data indicated an increase in customers, including entrepreneurs who needed access to capital quickly (particularly for working capital).

Ar-Rahnu Express, he explained, offered a seamless process for customers to transact, wherein they only had to bring their jewellery and identification card or passport to get immediate financing service.

It also provides a service for the under-banked and unbanked in Malaysia.

Under-banked are those who have a bank account but lack any form of financing facility with the banking system, whereas unbanked are those without a bank account or financing facility.

“A survey conducted by Bank Negara Malaysia in 2018 showed that only 39% of Malaysians had a financing facility with the banking system.

“The mission of the new concept is to match customer experience in Islamic pawn service and align it with changes in perception towards the service, ” said Meer.