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No legal protection if you opt to borrow from loan sharks: Nga | Scoop
Housing and Local Government Minister Nga Kor Ming (right) and the ministry’s deputy chief secretary (housing and community wellbeing) Suhaimi Ali (left) addressing the attendees at the Madani Credit Award pre-launch ceremony. – Riduan Rizal Ahmad/Scoop pic, May 24, 2024
News

No legal protection if you opt to borrow from loan sharks: Nga

House and local govt minister urge public to choose services from licensed moneylenders, pawnbrokers as their rights are guaranteed under the law

Main Author Image
Qistina Nadia Dzulqarnain
Updated
3:05 PM MYT

 

KUALA LUMPUR – The rights of borrowers who choose services from licensed moneylenders and pawnbroker companies are guaranteed, says Housing and Local Government Minister Nga Kor Ming. 

Therefore, he urged the public to opt for legal avenues when seeking loans or additional funds, cautioning that those who turn to loan sharks will have no legal recourse if things go awry. 

“We have legitimate channels to facilitate money lending. Don’t go to illegal ‘ah longs’ as their unlawful activities mean that borrowers will not be protected by the law.  

“However, those who borrow from moneylenders and pawnbrokers recognised by the ministry will have their rights guaranteed under the Moneylenders Act 1951 and the Pawnbrokers Act 1972. 

“Licensed companies also have an obligation to comply with the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 to ensure transparency in their operations and transactions.” 

Nga said this during a press conference at the Madani Credit Award pre-launch ceremony at the Berjaya Times Square Hotel here today.  

The minister said that stringent regulations enforced by the ministry have placed companies providing moneylending and pawnbroker services under close scrutiny, thereby ensuring legal compliance. 

“The number of licensed moneylenders and pawnbroker companies is consistently monitored by the ministry, with each company required to submit their transaction report to the credit community division under the ministry,” Nga said.  

“There is also the ministry’s community credit control division – headed by former Brickfields district police chief Amihizam Abdul Shukor – which monitors the companies to ensure compliance with the law.”  

Nga also said the estimated market value of licensed moneylenders and pawnbroker companies in the credit community industry reached RM24.8 billion last year. 

He also noted that the industry’s market value is expected to increase each year following business expansion.  

“Over the past 10 years, the industry has grown in tandem with global changes and has expanded on a moderate to large scale, particularly in the corporate loan segment.” 

Nga also said there were two main segments of borrowers who obtain loan services from licensed moneylenders – namely individual and corporate borrowers, the latter of which made up 62% of total loans issued from 2021 to 2023.  

As of April 2024, a total of 4,416 companies have been registered as licensed moneylenders, among which 3,306 businesses are from the peninsula while another 1,1100 are from Sabah and Sarawak.  

Commenting on the Madani Credit Award, Nga said that the initiative aims to acknowledge the commitment of credit community companies to implementing innovation and corporate social responsibility while fostering a spirit of competitiveness by providing benefits, particularly to the local community. 

This includes providing credit support to entrepreneurs and corporate companies, he said.  

It also consists of seven categories for licensed moneylenders and pawnbrokers, respectively, including the Minister’s Special Award, Best Innovation Award, Best CSR Award, and Most Valuable Business Award. – May 24, 2024 

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