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Finance Minister suggestion to BNM and the banks.

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There was a huge issue these two days. It seems that the Hire Purchase moratorium does not include the exclusion of interest. Many have been sending the message that it should be waived and pointed that it was earlier communicated as such. This is the earlier article: If you need the moratorium, do what your bank says Since I have received the message from my bank as well as BNM’s earlier clarification, now we have the words from Finance Minister Tengku Datuk Seri Zafrul Aziz.

Article in thestar.com.my This is what our Finance Minister Tengku Datuk Seri Zafrul Aziz is suggesting to Bank Negara and the banks with regards to the accrual of interest or profit imposed by financial instituions on hire purchase during the 6-month moratorium period. He said, “Considering that there is a possibility that this can be implemented and after listening to the people’s demand, I would like to recommend that all financial institutions, especially those that are involved in offering the moratorium to consider waiving the accrued interest (for hire purchase loans) or profit (for fixed-rate Islamic financing loans) during the six-month moratorium.”

While the issue is under Bank Negara, Tengku Zafrul said, “We, at the ministry, are ready to collaborate with Bank Negara and the banking sector to ensure the implementation of the proposal. The government is sensitive to the voice of the people, especially those from the B40 and M40 groups. I hope that this view can be considered by Bank Negara and the financial institutions in the country.” Do read the full article in Article in thestar.com.my

I do hope we have this cleared soon. However, let’s also understand that when banks lose the interest which they should be collecting, it will reduce their profit numbers. Their shareholders would actually be on the losing end yeah. Do not believe me? Look at what happened to the banks’ stock price when it was revealed that they may be suffering losses due to a defaulting Singaporean listed entity just a week ago? As for what’s right? Well, it was supposed to be paid yeah. Anyway, let’s just wait for the conclusion which I think will need to wait till Monday. This article will be up in Sunday and no one’s working on Sunday, I think?

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Next suggested article: BNM: 6 months moratorium on all loans except credit cards

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