27.06.2012 - Malaysia’s postal service moves into Islamic pawn broking
Pos Malaysia has agreed an 80/20 joint venture deal with Bank Muamalat Malaysia to provide Shari’ah finance under the Ar-Rahnu system. The new company Pos Ar-Rahnu will offer Islamic pawn broking services in Malaysia’s network of more than 700 post offices. Pos Malaysia has acquired Bright Emerald Sdn Bhd, through which the joint venture will operate, renamed Pos Ar-Rahnu. Three of the businesses four directors will be appointed by Pos Malaysia, the bank will provide the fourth...............................................Full Article: Source
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