Report pawnshops charging more than 2% interest, says Ismail Sabri


Alfian Z.M. Tahir

People have been rushing pawnshops this week to either reclaim their valuables, pay interest or put up more items as collateral to see them through tough financial times triggered by the Covid-19 pandemic. – The Malaysian Insight file pic, May 6, 2020.

PEOPLE should file a complaint with the Housing and Local Government Ministry if pawnshops charge them interest exceeding 2%, said Ismail Sabri Yaakob today.

The senior minister was commenting on the crowds at such businesses since Monday, when the conditional movement-control order (CMCO) came into force, allowing most economic sectors to resume operations.

“Pawnshops cannot impose interest of more than 2%,” Ismail Sabri told a daily press conference on Covid-19 security matters in Putrajaya.

“If anyone is charged more than that, they can lodge a complaint with the ministry. The matter falls under the ministry.”

People have been rushing pawnshops this week to either reclaim their valuables, pay interest or put up more items as collateral to see them through tough financial times, as many have either lost their jobs or been forced to take unpaid leave during the MCO, which took effect on March 18.

The government directive, aimed at containing Covid-19, is in force till May 12. Sectors allowed to open under the CMCO are required to follow health and hygiene rules, and test foreign workers for the coronavirus.

Under the MCO, border controls are maintained, and Ismail Sabri, who holds the defence portfolio, said only Malaysians are allowed to enter the country via international flights.

“No foreigners are allowed into the country for now.

“Only Malaysians are allowed in, and they will have to undergo a 14-day quarantine upon arrival.” – May 6, 2020.


Sign up or sign in here to comment.


Comments