Association of Islamic Banking Institutions Malaysia

Ukhwah Expects To Grow Property Assets To RM150 Mln This Year

Friday, 03 July 2009

KUALA LUMPUR, Koperasi Pendidikan Islam Malaysia (Ukhwah) is confident that its property assets will grow to RM150 million by the end of the year.

Its property manager Ahmad Rahizal Rasidi said, the property assets at present stand at RM115 million. He also said that Ukhwah planned to acquire more residential and commercial units at very strategic locations in the Klang Valley and Ipoh.

"The acquisition of the properties will be financed via bank borrowings and internal funds," he told reporters after signing a sales and purchase agreement with property developer Seni Nusantara Sdn Bhd, here Thursday.

Under the agreement, Ukhwah will buy 12 units of detached bungalows in Kiara View, Desa Hartamas, for RM27.9 million.

"We are in negotiations to buy several bungalows in Ipoh worth RM300,000 per unit," Ahmad Rahizal said.

Established in 1998, Ukhwah is involved in offering credit loans, insurance, investment, travel and tours.

According to Ahmad Rahizal, Ukhwah expected its membership to grow to 50,000 nationwide by the end of the year, backed by an extensive campaign.

Since its inception, membership has grown to 42,000.

Meanwhile, Ahmad Rahizal said the Ministry of Domestic Trade, Cooperative and Consumerism should continue to monitor the implementation of the National Cooperative Policy.

"The policy recognises the cooperative movement as the third most important sector in stimulating the national economy," he said.

He said a number of cooperative related agencies, previously under the now abolished Entrepreneur and Cooperative Development Ministry, have been placed under the Ministry of Domestic Trade, Cooperative and Consumerism.

-- BERNAMA