Money Lending License Malaysia
We will rebrand the money lending licence and organise programs to educate the rakyat that if they want to borrow money even at a.
Money lending license malaysia. Dcsb your one stop financial solutions. The money lending business in malaysia has been in existence since before independence. Laws of malaysia act 400 moneylenders act 1951 an act for the regulation and control of the business of moneylending the protection of borrowers of the monies lent in the course of such business and matters connected therewith.
Jalan dato onn 50480 kuala lumpur malaysia. Money lending is a legal business which should be registered under licensed money lenders acts 1951. In a filing with bursa malaysia aeon credit said the license will be valid for a period of two years effective today.
The money lending business in malaysia has been in existence since before independence. Not for publication or broadcast before 000 hours on wednesday 15 september 1999 bank negara malaysia wishes to clarify a newspaper report published recently which stated that some money lenders in sabah and labuan did not have licences from bank negara malaysia to carry out money lending services. In a media statement bank negara malaysia bnm had alerted the public to be wary of fraudulent.
In short a moneylender. Aeon credit service m bhd has been granted a money lending license under the moneylenders act 1951 and moneylenders control and licensing regulations 2003 by the ministry of housing and local government. 15 sep 1999 embargo.
Money lending is a legal business which should be registered under licensed money lenders acts 1951. It was operated in small scales by moneylenders who are commonly known as chettys. Borrowing from licensed moneylenders.
The license more than just a registration process because moneylenders have a strict set of rules to follow if they want to keep their license. Housing and local government kpkt minister zuraida kamaruddin said the ministry is working on rebranding the money lending licence to encourage public to borrow from legitimate money lenders instead of ah long loan sharks or illegal money lenders. Clarification on money lending licenses ref no.
Image from bank negara malaysia. The exact rules are a bit long but you can find them under section 9 of the ma. Adding to the confusion is the scam which surfaced last year of companies involved in illegal money lending activities while displaying fake money lending licences purportedly issued by the central bank.
Peninsular malaysia 31 march 1952 part i preliminary short title and application 1. 1300 88 5465 bnmtelelink 603 2698 8044 general line bnmtelelink bnm gov my. Licensed money lender in malaysia various loan packages with low interest.
Fast easy apply online now. As malaysia s central bank bank negara malaysia promotes monetary stability and financial stability conducive to the sustainable growth of the malaysian economy.
