The Awareness and The Acceptance of Islamic Pawnshops

• Main Authors: Mohd Fazli Mohd Sam, Md Nor Hayati Tahir, Noor Khamisah Abdul Latiff
• Format: Article
• Language: English
• Published: Academic Research Publishing Agency Press 2010
• Subjects: HG Finance
• Online Access: http://eprints.utem.edu.my/id/eprint/6593/1/2010_Intl_Journal_of_Research_and_Reviews_of_applied_Science_Vol_2_No_2.pdf; http://eprints.utem.edu.my/id/eprint/6593/; http://www.arpapress.com/ijrras/index.aspx

AgroBank Malalysia formerly known as Bank Pertanian Malaysia has a product the Islamic pawnshop called Ar-Rahnu. Basically AgroBank Malalysia aims is to provide a comprehensive range of competitive baking and financial services to meet the total needs of customers in line with national aspiration and development. To accomplish this, AgroBank Malalysia had set its strategy to be innovative and forward looking, sensitive and adaptable to changing customer’s needs and market environment, committed to efficiency, cost effectiveness, profitability and social responsibilities and capable of capitalizing on new opportunities and challenges. This research is designed because we believed the product called Ar-Rahnu able to be marketed in every country if certain actions can be taken especially in implementing new tools of marketing. The demand of the product that highly demanded in certain areas especially in Kelantan, Terengganu, Selangor and Kedah shows that they believed on the service and know the advantage of the product. The significant of the research is to expose readers and the future researchers that pawnshop is not second class business. It is allowed in Islam and e-commerce can be implemented. Those who know the advantage of Islamic pawnshop will appreciate the system and grab the opportunities that exist in the system. Although pawnshop is a traditional business, new approach can be implemented. With the right marketing approach we believed that Islamic pawnshop can be one the best fund providers. Not only gold some other valued materials can be used as collateral.