The Minister of Domestic Trade and Cost of Living, Datuk Seri Salahuddin Ayub, recently unveiled his plans for the imminent engagement with banking leaders. The objective? To explore the potential introduction of a cost-effective Rahmah banking service under the increasingly popular Payung Rahmah initiative.
Salahuddin stated that preliminary discussions have already been held with Datuk Seri Tengku Zafrul Abdul Aziz, Minister of International Trade and Investment. The two are set to spearhead these crucial discussions with banking authorities.
Salahuddin is optimistic about the outcomes of these meetings, hinting that the introduction of a Rahmah banking service could be on the cards. Such a service could extend to multiple areas, potentially including housing, loans, and other financing solutions that offer more ‘Rahmah’ (Arabic-Malay for ‘blessings’ or ‘mercy’) to Malaysians.
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With the Payung Rahmah initiative branching into various industries and sectors, Salahuddin believes that a banking service could be the logical next step. The initiative, which provides lower-cost products and services from a range of sectors, showcases the progress of this expansion.
Salahuddin plans to engage with the banking industry’s heavyweights in the hopes of brainstorming innovative product ideas for the Rahmah package. The ultimate aim is to make banking services more accessible and merciful to the average Malaysian.
Introduced earlier this year, the Payung Rahmah initiative was devised as a short-term strategy to alleviate the pressure of inflation on the lower 40% income earners. Following the successful launch of the Menu Rahmah, which offered meals for RM5, Salahuddin reported that the initiative had piqued the interest of various other sectors. It has subsequently expanded to incorporate fast-food chains, optical services, automotive services, and substantial discounts at hypermarkets.
This news is based on an article from the Malay Mail.
