Saturday September 12, 2009
Should renminbi be a reserve currency?
Think Asian
By ANDREW SHENG
I ALWAYS find it strange that people should debate whether the renminbi (RMB) should be a reserve currency when it is officially still under exchange control. We still remember that as late as 1993, China used foreign exchange certificates.
As we have seen from the experience of the yen and euro in the previous articles, there are both advantages and disadvantages for a national currency being used as a reserve currency.
The obvious advantage is the seigniorage, but in a world of almost zero interest rates, this benefit is very small indeed.
The second is the increase in financial services and commercial business that comes from the global use of the reserve currency.
New York and London benefit considerably as international financial centres that trade financial products denominated in global currencies.
The third advantage is the prestige of having a reserve currency.
There are also disadvantages.
A reserve currency means that foreigners will hold large amounts of currency that can freely move in and out. Hence, one of the pre-conditions of any reserve currency is the ability of the issuing central bank to control the value of the reserve currency through appropriate monetary policy.
This implies a stable exchange rate and also low level of inflation.
This is precisely the problem faced by the US dollar, called the Triffin Dilemma – the tension between national monetary policy and global monetary policy.
In 1998, when the Federal Reserve realised that the world was plunging into a global crisis, it lowered interest rates and reflated not only the US economy, but also the global economy.
The US could do that because it was fundamentally strong and US consumption was the real engine of global growth.
But continuous deficits add up to excess borrowing that is unsustainable.
The dilemma is that in a world of free capital flows, any central bank that raises interest rates to control domestic borrowing will invite in a tonne of hot capital flows, creating more asset bubbles.
If the country maintains flexible exchange rates, the country will not only have exchange rate appreciation that encourages imports, but also worsening current account deficit funded by short-term capital inflows.
In other words, the Triffin Dilemma imposes large costs on the reserve currency country, because if the world demands greater liquidity, the reserve country must run a deficit to increase the global money supply.
But if the reserve country runs too large a deficit, then a financial crisis is inevitable.
There is no free lunch.
Can we solve the problem by creating a global central bank and a global super-regulator?
The answer is no, because if we have a global monetary policy, some regions and sectors will be winners and some will be losers. Thus, the pre-condition for a global central bank is a global fiscal mechanism that is able to tax the winning sectors to compensate the losing sectors.
Without such a fiscal compensatory mechanism, no sovereign country will be willing to cede its monetary policy to a global central bank without some assurance that they could receive some fiscal assistance. The euro can work with a European Central Bank because such a fiscal mechanism exists in the EU.
A further issue for any currency becoming a reserve currency is that this is not a policy issue, but really a market decision.
Ultimately the market decides if the currency becomes a reserve currency.
The yen experience shows that if there is high volatility in the exchange rate, the market will not use the currency extensively as a reserve currency.
With a zero interest rate policy, the central bank cannot use interest rates as a tool to stabilise the exchange rate, so that speculative forces, largely the yen carry-trade, move the exchange rate.
This is where the present decision to establish several pilot RMB clearing centres in Hong Kong and border cities is a pragmatic move to facilitate market needs.
Trade in the border areas of China with other countries is facilitated when the traders are willing to use RMB as a convenient medium of exchange. The RMB swap arrangements with various central banks are also trade-facilitating moves to help the use of domestic currencies on a bilateral basis.
Some people think that high foreign exchange reserves are a pre-condition for reserve currency status.
Central banks used to measure foreign exchange reserves in terms of months of imports. But this is an outdated measure.
Annual world merchandise exports amounted to US$15.8 trillion in 2008, whereas foreign exchange transactions amount to US$3.2 trillion daily or roughly US$800 trillion annually. This means that exchange rates are determined not by physical trade, but by capital market flows.
In other words, one of the conditions for RMB opening up is whether the exchange rate is stable over the long term.
This requires very skillful monetary policy to sterilise speculative flows, supported by strong fiscal conditions with very resilient and strong domestic financial systems that can absorb external shocks.
In an era of global zero interest rates, it will not be easy to manage market stability because of hugely leveraged speculative flows.
At near zero interest rates, the cost of speculation is very low, but the costs to each economy of de-stabilisation are very high.
Who else wants to be a reserve currency?
·Andrew Sheng is author of forthcoming book published by Cambridge University Press, “From Asian to Global Financial Crisis.”
Friday, September 11, 2009
A test for Islamic home financing?
Saturday September 12, 2009
A test for Islamic home financing?
By THEAN LEE CHENG
WHEN Islamic home financing came on the scene, interest rates were neither as low, nor as attractive, as today. House buyers opt for them because the “interest”, or what banks called “profit sharing”, was capped at 10%.
Having seen interest rates going up to 14% during the 1997/98 crisis, 10% may be acceptable for some of them. How times have changed! Today, it is still volatile but interest rates are also at a 33-year low. And it looks like it will remain low for a while.
Most of us want to finish paying off our mortgages as soon as possible. Depending on how young one is, home buyers give themselves a time line of about 10 to 15 years to pay up their mortgages. A 30-year-old may consider a longer tenure.
Under today’s low interest regime, what are house buyers leaning towards? The scenario seems fuzzy.
Three banks interviewed say Islamic financing for properties are growing and Bank Negara Malaysia’s statistic testify to that. However, bank officers say customers prefer conventional loans.
Foreign banks OCBC and HSBC decline to answer questions on Islamic property financing. A marketing officer with OCBC says he is referring Islamic financing enquiries to local banks. Ironically, both HSBC and OCBC have set up Islamic banking outlets.
Phone enquiries at CIMB and Maybank suggest interest among house buyers is towards conventional loans at the moment because of the low interest regime. A second reason may be due to house buyers’ interest to pay up the loan as quickly as possible.
“Generally, those who opt for an Islamic packages are not in a hurry to pay up the loan,” says a bank source.
Paradoxically, these same banks report healthy growth numbers for its Islamic packages.
Maybank Islamic Bhd executive vice-president, acting CEO Ibrahim Hassan says financing of residential and non-residential properties grew at an average rate of 6% from 2007 till June 2009.
It is expecting growth rates of 8% and 12% for financing of residential and non-residential properties respectively. Customers are diverse – Malays make up half of them, Chinese 37%, Indians 8% and others 5%.
The majority are categorised under the mass affluent segment with total financial assets ranging between RM100,000 to RM400,000.
At present, residential properties (landed and condominiums) portfolio comprises a fifth of bank’s total financing, while non-residential properties accounts for almost 3%.
Over at CIMB, they expect to close the year on a strong note for its Islamic property financing. It sold more than RM300mil of its flexi Islamic home package within the first three months of its launch, says CIMB Islamic CEO Badlisyah Abdul Ghani.
CIMB’s 2007 and 2008 growth for Islamic property financing was RM100mil and RM1bil respectively. The introduction of new products last year and this year gave them an average growth rate of about 100% year-on-year.
Badlisyah says its growth rate for the first quarter of this year exceeded that of the industry’s growth; putting their overall Islamic property financing market share at 9.8% (RM2.5bil out of RM25.7bil) as at June 2009. It was RM6mil in 2005.
CIMB Islamic now ranks seventh out of 16 Islamic banks for the financing of residential properties in Malaysia.
He says this year, new bookings of Islamic property financing are about 50% of total property financing for the group (CIMB Bank + CIMB Islamic Bank). Our market share has moved from 11% in 2006 to about 14% of the entire industry in the first half of this year, he says.
While the healthy growth story is also being trumpeted at Bank Simpanan Nasional (BSN), the story is slightly different but no less interesting. BSN is currently promoting its Islamic home financing, but unlike Maybank and CIMB, the rates are fixed. BSN is the third largest bank after Maybank and CIMB in terms of branches.
The bank is promoting a five-year low instalment package, with variants, where rates will be as low as 1.95% for the first two years and 4.79% for the next three years. Thereafter, it is fixed at 5.88%. This package is for loans up to RM100,000 for completed properties. Customers pay for the legal fees. The offer ends Dec 31. (See table for comparison with another variant)
BSN deputy chief executive (consumer banking and business development) Norazian Ahmad Tajuddin says as of June 30 this year, BSN has RM3bil mortgages, a third of which are under Islamic financing.
BSN has dispersed Islamic property loans totalling RM727.9mil in 2007. This represents a 36% growth rate; they started from a low base.
Last year, it amounted to RM821.9mil, representing a growth rate of 13%. The bank expects a 10% growth this year. As of July this year, its Islamic property financing is RM846mil.
Norazian says these are healthy numbers for them. “Please do not compare us with other local banks; in value terms, our numbers are small. We are starting slow and BSN is not like other commercial banks. We pride ourselves as a provider of banking services at reasonable rates. We are evolving and provide services to all levels of society from the poor to the rich. But the very rich don’t come to us.
“We like mortgages because it provides a steady stream of income for at least 15 years,” she says.
The national savings bank will have five Islamic banking outlets by the end of this year, and adding 11 more by the end of next year. It has a total of 377 branches.
Says Norazian: “Our customers are questioning if BSN offers Islamic banking. So like other banks, we will open Islamic banking outlets.” They are targeting customers in Klang Valley and Johor, the growth areas and those who buy to stay. More than 90% of its customers are Malays.
A quick check with Bank Negara Malaysia’s website shows that monthly Islamic house financing is growing steadily. For June 2008, it recorded RM17.83bil while June 2009, it reached RM20.40bil.
A test for Islamic home financing?
By THEAN LEE CHENG
WHEN Islamic home financing came on the scene, interest rates were neither as low, nor as attractive, as today. House buyers opt for them because the “interest”, or what banks called “profit sharing”, was capped at 10%.
Having seen interest rates going up to 14% during the 1997/98 crisis, 10% may be acceptable for some of them. How times have changed! Today, it is still volatile but interest rates are also at a 33-year low. And it looks like it will remain low for a while.
Most of us want to finish paying off our mortgages as soon as possible. Depending on how young one is, home buyers give themselves a time line of about 10 to 15 years to pay up their mortgages. A 30-year-old may consider a longer tenure.
Under today’s low interest regime, what are house buyers leaning towards? The scenario seems fuzzy.
Three banks interviewed say Islamic financing for properties are growing and Bank Negara Malaysia’s statistic testify to that. However, bank officers say customers prefer conventional loans.
Foreign banks OCBC and HSBC decline to answer questions on Islamic property financing. A marketing officer with OCBC says he is referring Islamic financing enquiries to local banks. Ironically, both HSBC and OCBC have set up Islamic banking outlets.
Phone enquiries at CIMB and Maybank suggest interest among house buyers is towards conventional loans at the moment because of the low interest regime. A second reason may be due to house buyers’ interest to pay up the loan as quickly as possible.
“Generally, those who opt for an Islamic packages are not in a hurry to pay up the loan,” says a bank source.
Paradoxically, these same banks report healthy growth numbers for its Islamic packages.
Maybank Islamic Bhd executive vice-president, acting CEO Ibrahim Hassan says financing of residential and non-residential properties grew at an average rate of 6% from 2007 till June 2009.
It is expecting growth rates of 8% and 12% for financing of residential and non-residential properties respectively. Customers are diverse – Malays make up half of them, Chinese 37%, Indians 8% and others 5%.
The majority are categorised under the mass affluent segment with total financial assets ranging between RM100,000 to RM400,000.
At present, residential properties (landed and condominiums) portfolio comprises a fifth of bank’s total financing, while non-residential properties accounts for almost 3%.
Over at CIMB, they expect to close the year on a strong note for its Islamic property financing. It sold more than RM300mil of its flexi Islamic home package within the first three months of its launch, says CIMB Islamic CEO Badlisyah Abdul Ghani.
CIMB’s 2007 and 2008 growth for Islamic property financing was RM100mil and RM1bil respectively. The introduction of new products last year and this year gave them an average growth rate of about 100% year-on-year.
Badlisyah says its growth rate for the first quarter of this year exceeded that of the industry’s growth; putting their overall Islamic property financing market share at 9.8% (RM2.5bil out of RM25.7bil) as at June 2009. It was RM6mil in 2005.
CIMB Islamic now ranks seventh out of 16 Islamic banks for the financing of residential properties in Malaysia.
He says this year, new bookings of Islamic property financing are about 50% of total property financing for the group (CIMB Bank + CIMB Islamic Bank). Our market share has moved from 11% in 2006 to about 14% of the entire industry in the first half of this year, he says.
While the healthy growth story is also being trumpeted at Bank Simpanan Nasional (BSN), the story is slightly different but no less interesting. BSN is currently promoting its Islamic home financing, but unlike Maybank and CIMB, the rates are fixed. BSN is the third largest bank after Maybank and CIMB in terms of branches.
The bank is promoting a five-year low instalment package, with variants, where rates will be as low as 1.95% for the first two years and 4.79% for the next three years. Thereafter, it is fixed at 5.88%. This package is for loans up to RM100,000 for completed properties. Customers pay for the legal fees. The offer ends Dec 31. (See table for comparison with another variant)
BSN deputy chief executive (consumer banking and business development) Norazian Ahmad Tajuddin says as of June 30 this year, BSN has RM3bil mortgages, a third of which are under Islamic financing.
BSN has dispersed Islamic property loans totalling RM727.9mil in 2007. This represents a 36% growth rate; they started from a low base.
Last year, it amounted to RM821.9mil, representing a growth rate of 13%. The bank expects a 10% growth this year. As of July this year, its Islamic property financing is RM846mil.
Norazian says these are healthy numbers for them. “Please do not compare us with other local banks; in value terms, our numbers are small. We are starting slow and BSN is not like other commercial banks. We pride ourselves as a provider of banking services at reasonable rates. We are evolving and provide services to all levels of society from the poor to the rich. But the very rich don’t come to us.
“We like mortgages because it provides a steady stream of income for at least 15 years,” she says.
The national savings bank will have five Islamic banking outlets by the end of this year, and adding 11 more by the end of next year. It has a total of 377 branches.
Says Norazian: “Our customers are questioning if BSN offers Islamic banking. So like other banks, we will open Islamic banking outlets.” They are targeting customers in Klang Valley and Johor, the growth areas and those who buy to stay. More than 90% of its customers are Malays.
A quick check with Bank Negara Malaysia’s website shows that monthly Islamic house financing is growing steadily. For June 2008, it recorded RM17.83bil while June 2009, it reached RM20.40bil.
Thursday, September 10, 2009
Pengaruh dolar Amerika semakin goyah
Pengaruh dolar Amerika semakin goyah
Oleh Azizi Othman
Unctad syor tukaran asing ikut kuasa beli selaras kadar inflasi, tahap pembangunan
BUAT pertama kalinya dalam sejarah sistem ekonomi moden, kedudukan dolar Amerika sebagai mata wang perantaraan bagi perdagangan antarabangsa benar-benar goyah. Selepas sekian lama hak eksklusif dolar Amerika mendominasi sistem ekonomi dunia sukar digugat, kini ia semakin dipertikaikan. Jika sebelum ini hanya negara membangun, khususnya Malaysia lantang mempersoalkannya, gelombang menuntut perubahan semakin membesar dan terbaru, Pertubuhan Bangsa-Bangsa Bersatu (PBB) turut menyuarakan perkara sama.
Kejutan besar menggegarkan Washington pada Rabu lalu apabila Laporan Tahunan Pertubuhan Bangsa-Bangsa Bersatu bagi Pembangunan dan Perdagangan (Unctad) yang dikeluarkan di Geneva menyebut pengaruh dolar Amerika dalam perdagangan antarabangsa harus dikurangkan. Ia mencadangkan satu sistem mata wang baru diwujudkan bagi melindungi pasaran membangun daripada permainan spekulasi dalam pasaran kewangan. Unctad juga mahu negara anggota PBB berusaha ke arah penubuhan satu bank rizab sejagat sebagai pengeluar mata wang baru itu dan memantau kadar tukaran asing bagi setiap negara anggotanya.
Sejak sekian lama, Malaysia khususnya ketika era pemerintahan bekas Perdana Menteri, Tun Dr Mahathir Mohamad mempersoalkan mengapa perlu perdagangan antarabangsa dilakukan dengan menggunakan dolar Amerika semata-mata. Bukankah dunia berhak menentukan mata wang perantaraan dagangan mereka sendiri. Satu daripada alternatif dicadangkan Kuala Lumpur, khususnya pasca krisis kewangan serantau pada 1997/98 ialah untuk menggunakan dinar emas.
Awal tahun ini, China, India, Brazil dan Russia mencadangkan kedudukan dolar Amerika sebagai mata wang rizab kebanyakan negara, diubah. Ia berikutan krisis kewangan yang kini melanda dunia berpunca daripada keruntuhan pasaran sewa beli Amerika Syarikat. Akibatnya, China sebagai negara yang memegang rizab dolar Amerika terbesar, mendesak satu mata wang antarabangsa seperti Hak Pengeluaran Khusus (SDR) di Tabung Mata Wang Antarabangsa (IMF) diwujudkan bagi menjamin kestabilan.
Pada sidang media selepas mengumumkan laporannya di Geneva, Pengarah Unctad, Heiner Flassbeck, berkata keadaan semasa menunjukkan wujud peluang lebih baik untuk dunia mencapai aliran kadar tukaran asing stabil berdasarkan satu rangka kerja pengurusan yang dipersetujui bersama secara pelbagai hala. Beliau yang juga pengarang bersama laporan itu berpendapat, satu inisiatif seperti institusi Bretton Woods yang melahirkan IMF serta Bank Dunia pada 1944 atau Sistem Mata Wang Eropah (EMS) adalah amat diperlukan.
Umumnya, masyarakat antarabangsa kini semakin mengakui sistem ekonomi dan kewangan Amerika Syarikat wujud serta bertahan atas dasar pinjaman tanpa had yang dinikmatinya dari seluruh dunia. Itulah sebabnya bon dalam denominasi dolar Amerika dibeli semua negara di dunia, dengan andaian ia akan membentuk sebahagian daripada rizab mereka. Namun bon terbabit tidak bersandarkan sebarang aset dan kerana itu ia boleh diterbitkan sepanjang masa dan kelihatan tidak mempunyai had tertentu.
Bagaimanapun, jika dolar Amerika tidak digunakan untuk pembayaran pinjaman dan perdagangan antarabangsa, maka tidak akan wujud permintaan terhadapnya. Sudah tentu ini akan menyebabkan nilai dolar Amerika merosot. Jika ia berlaku, kebanyakan negara di dunia yang memegang bon dalam mata wang berkenaan sebagai rizab mereka akan berdepan susut nilai mendadak. Itulah sebabnya negara yang mempunyai rizab dolar Amerika yang besar akan sedaya upaya cuba mempertahankan nilai mata wang berkenaan, walaupun ia bukan milik mereka.
Pada masa sama, Amerika Syarikat sendiri sudah tentu sanggup berbuat apa saja demi mempertahankan nilai mata wangnya. Soal sama ada tindakan itu akan memberikan kesan buruk kepada ekonomi dunia kerana berada di ambang kemusnahan, tidak penting. Perkara utama bagi Washington ialah untuk memastikan dolar Amerika Syarikat kukuh. Kejatuhan nilai mata wang itu akan menjadikan negara terbabit miskin. Walaupun secara realitinya itu memang sudah lama berlaku, sokongan dunia terhadap dolar Amerika membolehkannya terus bertahan. Kebimbangan terbesar Amerika Syarikat ialah kadar kemiskinan akan menyebabkannya hilang pengaruh sebagai kuasa besar yang mampu mencaturi hala tuju dunia.
Dalam pada itu, cadangan Unctad menggunakan mekanisme SDR yang berasaskan sekelompok mata wang asing sebagai alternatif kepada dolar Amerika dalam perdagangan dunia, masih mempunyai kekurangannya sendiri. Flassbeck yang juga bekas Timbalan Menteri Kewangan Jerman, berpendapat ia belum cukup untuk menampung kehendak ekonomi membangun yang memerlukan kecairan. Oleh kerana ketika ini jumlah perwakilan negara membangun di IMF adalah kecil, ia tentunya mengehadkan keberkesanan mekanisme SDR. Sebagai penyelesaiannya, Unctad mencadangkan satu entiti khas diwujudkan bagi mengurus kadar tukaran asing antara negara, berdasarkan kuasa beli masing-masing yang diselaraskan dengan kadar inflasi serta pembangunan mereka.
Pendapat itu dipersetujui Profesor Ekonomi di University of California Berkeley, Barry Eichengreen yang berpendapat langkah itu boleh ditangani dengan IMF mewujudkan Kemudahan Kecairan Jangka Pendek (STLF). Pakej itu akan membolehkan negara yang mempunyai dasar kewangan ketat membuat pinjaman sehingga lima kali kuota mereka tanpa syarat. Bagaimanapun, yang mengekang keberkesanan mekanisme itu ialah proses permohonannya terlalu rumit. Sehingga ini hanya Mexico, Columbia dan Poland sanggup menghadapinya, itupun kerana terpaksa.
"Pengajaran paling berguna daripada keseluruhan krisis yang melanda dunia ketika ini ialah pasaran kewangan biasanya gagal mentafsir nilai sebenar dengan baik. Kebanyakan negara terdorong dengan jangkaan keyakinan yang dilakukan peserta pasaran kewangan walaupun mereka sudah terbukti gagal membuat tafsiran yang tepat sejak sekian lama," kata Flassbeck yang pernah berkhidmat dengan Timbalan Setiausaha Perbendaharaan Amerika Syarikat, Lawrence Summers bagi mengekang krisis kewangan Asia pada 1997/98.
Keseluruhannya, persoalan berhubung kedudukan dolar Amerika sebagai mata wang perantara dagangan antarabangsa yang ditimbulkan Unctad itu amat menarik, khususnya jika dilihat dari matlamat sebenar kewujudan badan dunia itu 45 tahun lalu iaitu 'memupuk integrasi negara membangun dalam ekonomi dunia'. Soalnya, adakah badan dunia itu akan bersetuju dengan saranan sesetengah pihak supaya negara ekonomi membangun menimbang kemungkinan mengehadkan aliran modal sehingga dunia mempunyai kerangka kewangan baru.
Mengambil kira Unctad yang kini diterajui bekas Ketua Pengarah Pertubuhan Perdagangan Sedunia (WTO), Supachai Panitchpakdi, sudah memberi amaran bahawa kepincangan sistem kewangan itu yang boleh membawa kepada kemelesetan sejagat sejak sekian lama, persoalan yang ditimbulkannya dijangka mengundang reaksi. Jika sebelum ini kepincangan, monopoli dan ketidakadilan yang dicetuskan dolar Amerika Syarikat dalam dagangan dunia hanya dilaungkan ekonomi membangun, kini gegarannya datang dari badan dunia pelbagai hala. Ketika kita berharap ia akan mencetus perubahan, natijah sebenarnya masih sukar diramalkan.
Penulis ialah Timbalan Pengarang Eksekutif (Rencana) Berita Harian.
Oleh Azizi Othman
Unctad syor tukaran asing ikut kuasa beli selaras kadar inflasi, tahap pembangunan
BUAT pertama kalinya dalam sejarah sistem ekonomi moden, kedudukan dolar Amerika sebagai mata wang perantaraan bagi perdagangan antarabangsa benar-benar goyah. Selepas sekian lama hak eksklusif dolar Amerika mendominasi sistem ekonomi dunia sukar digugat, kini ia semakin dipertikaikan. Jika sebelum ini hanya negara membangun, khususnya Malaysia lantang mempersoalkannya, gelombang menuntut perubahan semakin membesar dan terbaru, Pertubuhan Bangsa-Bangsa Bersatu (PBB) turut menyuarakan perkara sama.
Kejutan besar menggegarkan Washington pada Rabu lalu apabila Laporan Tahunan Pertubuhan Bangsa-Bangsa Bersatu bagi Pembangunan dan Perdagangan (Unctad) yang dikeluarkan di Geneva menyebut pengaruh dolar Amerika dalam perdagangan antarabangsa harus dikurangkan. Ia mencadangkan satu sistem mata wang baru diwujudkan bagi melindungi pasaran membangun daripada permainan spekulasi dalam pasaran kewangan. Unctad juga mahu negara anggota PBB berusaha ke arah penubuhan satu bank rizab sejagat sebagai pengeluar mata wang baru itu dan memantau kadar tukaran asing bagi setiap negara anggotanya.
Sejak sekian lama, Malaysia khususnya ketika era pemerintahan bekas Perdana Menteri, Tun Dr Mahathir Mohamad mempersoalkan mengapa perlu perdagangan antarabangsa dilakukan dengan menggunakan dolar Amerika semata-mata. Bukankah dunia berhak menentukan mata wang perantaraan dagangan mereka sendiri. Satu daripada alternatif dicadangkan Kuala Lumpur, khususnya pasca krisis kewangan serantau pada 1997/98 ialah untuk menggunakan dinar emas.
Awal tahun ini, China, India, Brazil dan Russia mencadangkan kedudukan dolar Amerika sebagai mata wang rizab kebanyakan negara, diubah. Ia berikutan krisis kewangan yang kini melanda dunia berpunca daripada keruntuhan pasaran sewa beli Amerika Syarikat. Akibatnya, China sebagai negara yang memegang rizab dolar Amerika terbesar, mendesak satu mata wang antarabangsa seperti Hak Pengeluaran Khusus (SDR) di Tabung Mata Wang Antarabangsa (IMF) diwujudkan bagi menjamin kestabilan.
Pada sidang media selepas mengumumkan laporannya di Geneva, Pengarah Unctad, Heiner Flassbeck, berkata keadaan semasa menunjukkan wujud peluang lebih baik untuk dunia mencapai aliran kadar tukaran asing stabil berdasarkan satu rangka kerja pengurusan yang dipersetujui bersama secara pelbagai hala. Beliau yang juga pengarang bersama laporan itu berpendapat, satu inisiatif seperti institusi Bretton Woods yang melahirkan IMF serta Bank Dunia pada 1944 atau Sistem Mata Wang Eropah (EMS) adalah amat diperlukan.
Umumnya, masyarakat antarabangsa kini semakin mengakui sistem ekonomi dan kewangan Amerika Syarikat wujud serta bertahan atas dasar pinjaman tanpa had yang dinikmatinya dari seluruh dunia. Itulah sebabnya bon dalam denominasi dolar Amerika dibeli semua negara di dunia, dengan andaian ia akan membentuk sebahagian daripada rizab mereka. Namun bon terbabit tidak bersandarkan sebarang aset dan kerana itu ia boleh diterbitkan sepanjang masa dan kelihatan tidak mempunyai had tertentu.
Bagaimanapun, jika dolar Amerika tidak digunakan untuk pembayaran pinjaman dan perdagangan antarabangsa, maka tidak akan wujud permintaan terhadapnya. Sudah tentu ini akan menyebabkan nilai dolar Amerika merosot. Jika ia berlaku, kebanyakan negara di dunia yang memegang bon dalam mata wang berkenaan sebagai rizab mereka akan berdepan susut nilai mendadak. Itulah sebabnya negara yang mempunyai rizab dolar Amerika yang besar akan sedaya upaya cuba mempertahankan nilai mata wang berkenaan, walaupun ia bukan milik mereka.
Pada masa sama, Amerika Syarikat sendiri sudah tentu sanggup berbuat apa saja demi mempertahankan nilai mata wangnya. Soal sama ada tindakan itu akan memberikan kesan buruk kepada ekonomi dunia kerana berada di ambang kemusnahan, tidak penting. Perkara utama bagi Washington ialah untuk memastikan dolar Amerika Syarikat kukuh. Kejatuhan nilai mata wang itu akan menjadikan negara terbabit miskin. Walaupun secara realitinya itu memang sudah lama berlaku, sokongan dunia terhadap dolar Amerika membolehkannya terus bertahan. Kebimbangan terbesar Amerika Syarikat ialah kadar kemiskinan akan menyebabkannya hilang pengaruh sebagai kuasa besar yang mampu mencaturi hala tuju dunia.
Dalam pada itu, cadangan Unctad menggunakan mekanisme SDR yang berasaskan sekelompok mata wang asing sebagai alternatif kepada dolar Amerika dalam perdagangan dunia, masih mempunyai kekurangannya sendiri. Flassbeck yang juga bekas Timbalan Menteri Kewangan Jerman, berpendapat ia belum cukup untuk menampung kehendak ekonomi membangun yang memerlukan kecairan. Oleh kerana ketika ini jumlah perwakilan negara membangun di IMF adalah kecil, ia tentunya mengehadkan keberkesanan mekanisme SDR. Sebagai penyelesaiannya, Unctad mencadangkan satu entiti khas diwujudkan bagi mengurus kadar tukaran asing antara negara, berdasarkan kuasa beli masing-masing yang diselaraskan dengan kadar inflasi serta pembangunan mereka.
Pendapat itu dipersetujui Profesor Ekonomi di University of California Berkeley, Barry Eichengreen yang berpendapat langkah itu boleh ditangani dengan IMF mewujudkan Kemudahan Kecairan Jangka Pendek (STLF). Pakej itu akan membolehkan negara yang mempunyai dasar kewangan ketat membuat pinjaman sehingga lima kali kuota mereka tanpa syarat. Bagaimanapun, yang mengekang keberkesanan mekanisme itu ialah proses permohonannya terlalu rumit. Sehingga ini hanya Mexico, Columbia dan Poland sanggup menghadapinya, itupun kerana terpaksa.
"Pengajaran paling berguna daripada keseluruhan krisis yang melanda dunia ketika ini ialah pasaran kewangan biasanya gagal mentafsir nilai sebenar dengan baik. Kebanyakan negara terdorong dengan jangkaan keyakinan yang dilakukan peserta pasaran kewangan walaupun mereka sudah terbukti gagal membuat tafsiran yang tepat sejak sekian lama," kata Flassbeck yang pernah berkhidmat dengan Timbalan Setiausaha Perbendaharaan Amerika Syarikat, Lawrence Summers bagi mengekang krisis kewangan Asia pada 1997/98.
Keseluruhannya, persoalan berhubung kedudukan dolar Amerika sebagai mata wang perantara dagangan antarabangsa yang ditimbulkan Unctad itu amat menarik, khususnya jika dilihat dari matlamat sebenar kewujudan badan dunia itu 45 tahun lalu iaitu 'memupuk integrasi negara membangun dalam ekonomi dunia'. Soalnya, adakah badan dunia itu akan bersetuju dengan saranan sesetengah pihak supaya negara ekonomi membangun menimbang kemungkinan mengehadkan aliran modal sehingga dunia mempunyai kerangka kewangan baru.
Mengambil kira Unctad yang kini diterajui bekas Ketua Pengarah Pertubuhan Perdagangan Sedunia (WTO), Supachai Panitchpakdi, sudah memberi amaran bahawa kepincangan sistem kewangan itu yang boleh membawa kepada kemelesetan sejagat sejak sekian lama, persoalan yang ditimbulkannya dijangka mengundang reaksi. Jika sebelum ini kepincangan, monopoli dan ketidakadilan yang dicetuskan dolar Amerika Syarikat dalam dagangan dunia hanya dilaungkan ekonomi membangun, kini gegarannya datang dari badan dunia pelbagai hala. Ketika kita berharap ia akan mencetus perubahan, natijah sebenarnya masih sukar diramalkan.
Penulis ialah Timbalan Pengarang Eksekutif (Rencana) Berita Harian.
NEW CURRENCY NEEDED, SAYS UN - BLOOMBERG
NEW CURRENCY NEEDED, SAYS UN - BLOOMBERG
By Dr. Mahathir Mohamad on September 9, 2009 8:19 AM |
1. For a long time now Malaysians have been questioning why we must use the United States' Dollar for international trade, why we cannot use a dinar or any other currency. But Malaysians are not supposed to know anything about money, about finance. So nobody listens.
2. Now it is the United Nations which is saying that its member countries should agree on the creation of a global reserve bank to issue a new currency and to monitor the national exchange rates of its members, according to Bloomberg reporting on the Geneva-based UN Conference on Trade and Development.
3. The report said that China, Brazil and Russia this year called for a replacement of the Dollar as the main reserve currency after the financial crisis sparked by the collapse of the mortgage market led to the worst global recession since World War II.
4. The United States as the whole world knows is existing on unlimited loans by the rest of the world. US Dollar bonds are bought by every country in the belief that they would represent their reserves. Such bonds seem to be available all the time, unlike bonds issued by other countries which are for specific amounts.
5. If the US Dollar is not used for trade payments and loans, then there would be no demand for it. Obviously this would cause the US Dollar to be devalued. When it is devalued all the countries holding Dollar bonds would lose their reserves very substantially. So the countries with huge Dollar reserves would resist any move that would reduce the value of their reserves.
6. The US itself would resist as devaluation of the US Dollar would make it a very poor country. It cannot then remain the imperial power that it is now.
7. If the US Dollar is not to be used for trade and reserves, what currency should replace it? The Euro and the Yen seems suitable but it is doubtful if either Europe or Japan would want their currencies to be used the way we use the Dollar now.
8. The suggestion that a new currency be issued by a new global reserve bank is very attractive. Some people would like to use gold dinars.
9. The actual name of the currency is not important but backing by gold is important. If the new currency is used only for trade settlements (just as the US Dollar is now used) the proposal would be quite feasible.
10. Whatever, the world needs to discuss this proposal seriously. As the report says, a new currency would help to protect the emerging market from "confidence game" of financial speculation. And Malaysia falls into the category of emerging markets.
11. Maybe Malaysia might embolden itself to champion this proposal. Maybe!
By Dr. Mahathir Mohamad on September 9, 2009 8:19 AM |
1. For a long time now Malaysians have been questioning why we must use the United States' Dollar for international trade, why we cannot use a dinar or any other currency. But Malaysians are not supposed to know anything about money, about finance. So nobody listens.
2. Now it is the United Nations which is saying that its member countries should agree on the creation of a global reserve bank to issue a new currency and to monitor the national exchange rates of its members, according to Bloomberg reporting on the Geneva-based UN Conference on Trade and Development.
3. The report said that China, Brazil and Russia this year called for a replacement of the Dollar as the main reserve currency after the financial crisis sparked by the collapse of the mortgage market led to the worst global recession since World War II.
4. The United States as the whole world knows is existing on unlimited loans by the rest of the world. US Dollar bonds are bought by every country in the belief that they would represent their reserves. Such bonds seem to be available all the time, unlike bonds issued by other countries which are for specific amounts.
5. If the US Dollar is not used for trade payments and loans, then there would be no demand for it. Obviously this would cause the US Dollar to be devalued. When it is devalued all the countries holding Dollar bonds would lose their reserves very substantially. So the countries with huge Dollar reserves would resist any move that would reduce the value of their reserves.
6. The US itself would resist as devaluation of the US Dollar would make it a very poor country. It cannot then remain the imperial power that it is now.
7. If the US Dollar is not to be used for trade and reserves, what currency should replace it? The Euro and the Yen seems suitable but it is doubtful if either Europe or Japan would want their currencies to be used the way we use the Dollar now.
8. The suggestion that a new currency be issued by a new global reserve bank is very attractive. Some people would like to use gold dinars.
9. The actual name of the currency is not important but backing by gold is important. If the new currency is used only for trade settlements (just as the US Dollar is now used) the proposal would be quite feasible.
10. Whatever, the world needs to discuss this proposal seriously. As the report says, a new currency would help to protect the emerging market from "confidence game" of financial speculation. And Malaysia falls into the category of emerging markets.
11. Maybe Malaysia might embolden itself to champion this proposal. Maybe!
Tuesday, September 1, 2009
Melayu (Islam)terpaksa menjadi hamba di tanah air sendiri
Transformasi lonjak hak Melayu Islam
Oleh Dr Abd Malek Awang Kechil
UMAT Melayu di rantau ini mengalami transformasi besar sejak kehadiran Islam. Orang Melayu menerima Islam sebagai agama serta pegangan hidup dan umat Melayu sudah melalui perubahan menyeluruh hingga wujud kajian merumuskan Melayu dan Islam tidak mungkin dipisahkan.
Demikianlah betapa bermaknanya Islam bagi orang Melayu, segala ada pada Melayu adalah sumbangan Islam sama ada dari segi agamanya, kebudayaannya dan bahasanya (Siddiq Fadzil, 2009).
Orang Melayu kini disifatkan hampir tidak lagi mempunyai apa-apa keistimewaan dan kelebihan tanpa Islam. Menurut Siddiq, pemisahan Melayu dan Islam akan mengakibatkan kehancuran kepada bangsa ini seperti peringatan yang terungkap dalam kata amaran ‘Umar al-Khattab, ‘‘Kita dahulunya adalah sehina-hina manusia, lalu Allah muliakan kita dengan Islam, andainya (selepas ini) kita mencari kemuliaan selain Islam nescaya Allah akan menjadikan kita hina kembali ”.
Selepas kehadiran Islam, umat Islam di rantau ini ternyata melalui transformasi yang menyeluruh dari pelbagai aspek kehidupan sama ada akidah, syariah dan akhlak. Khusus dari aspek muamalat sama ada membabitkan siasah (pemerintahan), tijari (ekonomi dan perniagaan), mahupun Ijtimaiy (kemasyarakatan), kehebatan terlihat daripada transformasi berlaku amat ketara.
Dalam konteks Malaysia (dengan daerah induknya Semenanjung Tanah Melayu), setelah melalui proses transformasi Melayu-Islam pada zaman Kesultanan Melayu Melaka, Melaka adalah sebuah pusat perdagangan yang terletak di tengah kesibukan lalu lintas perdagangan Jalur Laut Timur-Barat.
Atas dasar itu, adalah wajar untuk kita terus meneliti dan mengkaji rahsia pelbagai aspek umat Melayu sesudah Islam dengan aspek Pentadbiran negara dan ekonomi yang terlihat dari segi undang-undang yang diperkenalkan, di samping rahsia di sebalik penggunaan Istilah penting pada zaman itu.
Dari segi pentadbiran Kesultanan Melayu Melaka di antara transformasi yang berlaku berkaitan dengan ekonomi khususnya berhubung transaksi jual beli dan larangan terhadap riba, dapat dilihat daripada pengakuan pengkaji Barat, Peter Boomgaard, dilihat amat sinis terhadap Islam, bagaimanapun, beliau tidak dapat menyembunyikan fakta yang memperakukan betapa pengaruh Islam terhadap umat Melayu seperti kenyataan beliau dalam buku ‘Credit and Debt in Indonesia, 1860-1930’ (2009).
Kegemilangan umat Melayu di zaman Kesultanan Melayu Melaka sejak kehadiran Islam bagaimanapun terpaksa mengalami zaman suram berabad lamanya, dengan kedatangan penjajah Barat ternyata berupaya merencatkan perkembangan hebat umat ini hampir dari semua aspek. Dari sudut politik, penjajah Inggeris berjaya melaksanakan strategi pecah dan perintah. Pemikiran umat berjaya dipesongkan, dengan memperkenalkan konsep pemisahan antara agama dan kehidupan (sekularisme) melalui sistem pendidikan diperkenalkan, sementara dari aspek ekonomi, mereka berjaya meminggirkan umat Melayu (Islam) kepada kegiatan ekonomi dipercayai tidak mempunyai nilai ekonomi tinggi, hingga ada umat ini yang terpaksa menjadi hamba di tanah air sendiri.
Walaupun penjajah tidak berupaya mencabut Islam daripada umat Melayu, namun kesan penjajahan yang begitu lama, umat Melayu (Islam) seumpama baru dilahirkan semula sewaktu Malaysia (Tanah Melayu pada masa itu) mencapai kemerdekaan. Kesan hebat daripada penjajahan terhadap umat ini, umat Melayu (Islam) ketika itu telah kehilangan segala-galanya, kecuali pegangan asas terhadap agama dan keupayaan umat ini berada pada tahap yang paling minimum.
Umat ini ditinggalkan dengan masalah tidak sedikit, dengan celaru pemikiran, buta huruf, kemunduran dan kemiskinan serta sistem dualisme termasuk sistem ekonomi kapitalis ditinggalkannya, menjadi tanda aras tinggalan penjajah ini.
Bagaimanapun, berasaskan hikmah pemimpin sewaktu memperjuang dan mencapai kemerdekaan Negara (Malaysia), segala-galanya dapat digerakkan semula, walaupun terpaksa bertolak daripada tahap penguasaan ekonomi dan sosio- ekonomi ummah yang berada pada tahap paling minimum.
Atas dasar itulah mungkin relevannya istilah transformasi digunakan dalam konteks ini bagi menggambarkan betapa umat Islam kini perlukan suatu lonjakan baru hebat bagi menutupi kehilangan hak milik umat ini di sepanjang penjajahan berlangsung seterusnya berupaya membina kekuatan baru walaupun terpaksa pula mengharungi cabaran semasa yang menuntut komitmen berganda.
Penulis ialah Ketua Pengarah Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM) yang menyampaikan ucap dasar bertajuk “Transformasi Ummah: Suatu Sorotan Sejarah dan Kesan Penjajahan”, pada Muzakarah Ulama Malaysia, Brunei, Indonesia dan Singapura (MABINS)
Oleh Dr Abd Malek Awang Kechil
UMAT Melayu di rantau ini mengalami transformasi besar sejak kehadiran Islam. Orang Melayu menerima Islam sebagai agama serta pegangan hidup dan umat Melayu sudah melalui perubahan menyeluruh hingga wujud kajian merumuskan Melayu dan Islam tidak mungkin dipisahkan.
Demikianlah betapa bermaknanya Islam bagi orang Melayu, segala ada pada Melayu adalah sumbangan Islam sama ada dari segi agamanya, kebudayaannya dan bahasanya (Siddiq Fadzil, 2009).
Orang Melayu kini disifatkan hampir tidak lagi mempunyai apa-apa keistimewaan dan kelebihan tanpa Islam. Menurut Siddiq, pemisahan Melayu dan Islam akan mengakibatkan kehancuran kepada bangsa ini seperti peringatan yang terungkap dalam kata amaran ‘Umar al-Khattab, ‘‘Kita dahulunya adalah sehina-hina manusia, lalu Allah muliakan kita dengan Islam, andainya (selepas ini) kita mencari kemuliaan selain Islam nescaya Allah akan menjadikan kita hina kembali ”.
Selepas kehadiran Islam, umat Islam di rantau ini ternyata melalui transformasi yang menyeluruh dari pelbagai aspek kehidupan sama ada akidah, syariah dan akhlak. Khusus dari aspek muamalat sama ada membabitkan siasah (pemerintahan), tijari (ekonomi dan perniagaan), mahupun Ijtimaiy (kemasyarakatan), kehebatan terlihat daripada transformasi berlaku amat ketara.
Dalam konteks Malaysia (dengan daerah induknya Semenanjung Tanah Melayu), setelah melalui proses transformasi Melayu-Islam pada zaman Kesultanan Melayu Melaka, Melaka adalah sebuah pusat perdagangan yang terletak di tengah kesibukan lalu lintas perdagangan Jalur Laut Timur-Barat.
Atas dasar itu, adalah wajar untuk kita terus meneliti dan mengkaji rahsia pelbagai aspek umat Melayu sesudah Islam dengan aspek Pentadbiran negara dan ekonomi yang terlihat dari segi undang-undang yang diperkenalkan, di samping rahsia di sebalik penggunaan Istilah penting pada zaman itu.
Dari segi pentadbiran Kesultanan Melayu Melaka di antara transformasi yang berlaku berkaitan dengan ekonomi khususnya berhubung transaksi jual beli dan larangan terhadap riba, dapat dilihat daripada pengakuan pengkaji Barat, Peter Boomgaard, dilihat amat sinis terhadap Islam, bagaimanapun, beliau tidak dapat menyembunyikan fakta yang memperakukan betapa pengaruh Islam terhadap umat Melayu seperti kenyataan beliau dalam buku ‘Credit and Debt in Indonesia, 1860-1930’ (2009).
Kegemilangan umat Melayu di zaman Kesultanan Melayu Melaka sejak kehadiran Islam bagaimanapun terpaksa mengalami zaman suram berabad lamanya, dengan kedatangan penjajah Barat ternyata berupaya merencatkan perkembangan hebat umat ini hampir dari semua aspek. Dari sudut politik, penjajah Inggeris berjaya melaksanakan strategi pecah dan perintah. Pemikiran umat berjaya dipesongkan, dengan memperkenalkan konsep pemisahan antara agama dan kehidupan (sekularisme) melalui sistem pendidikan diperkenalkan, sementara dari aspek ekonomi, mereka berjaya meminggirkan umat Melayu (Islam) kepada kegiatan ekonomi dipercayai tidak mempunyai nilai ekonomi tinggi, hingga ada umat ini yang terpaksa menjadi hamba di tanah air sendiri.
Walaupun penjajah tidak berupaya mencabut Islam daripada umat Melayu, namun kesan penjajahan yang begitu lama, umat Melayu (Islam) seumpama baru dilahirkan semula sewaktu Malaysia (Tanah Melayu pada masa itu) mencapai kemerdekaan. Kesan hebat daripada penjajahan terhadap umat ini, umat Melayu (Islam) ketika itu telah kehilangan segala-galanya, kecuali pegangan asas terhadap agama dan keupayaan umat ini berada pada tahap yang paling minimum.
Umat ini ditinggalkan dengan masalah tidak sedikit, dengan celaru pemikiran, buta huruf, kemunduran dan kemiskinan serta sistem dualisme termasuk sistem ekonomi kapitalis ditinggalkannya, menjadi tanda aras tinggalan penjajah ini.
Bagaimanapun, berasaskan hikmah pemimpin sewaktu memperjuang dan mencapai kemerdekaan Negara (Malaysia), segala-galanya dapat digerakkan semula, walaupun terpaksa bertolak daripada tahap penguasaan ekonomi dan sosio- ekonomi ummah yang berada pada tahap paling minimum.
Atas dasar itulah mungkin relevannya istilah transformasi digunakan dalam konteks ini bagi menggambarkan betapa umat Islam kini perlukan suatu lonjakan baru hebat bagi menutupi kehilangan hak milik umat ini di sepanjang penjajahan berlangsung seterusnya berupaya membina kekuatan baru walaupun terpaksa pula mengharungi cabaran semasa yang menuntut komitmen berganda.
Penulis ialah Ketua Pengarah Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM) yang menyampaikan ucap dasar bertajuk “Transformasi Ummah: Suatu Sorotan Sejarah dan Kesan Penjajahan”, pada Muzakarah Ulama Malaysia, Brunei, Indonesia dan Singapura (MABINS)
Petronas CIMB Islamic MasterCard and the Petronas Maybank Islamic Ikhwan Visa
Petronas CIMB Islamic MasterCard and the Petronas Maybank Islamic Ikhwan Visa
By Kamarul YunusPublished: 2009/09/02
PETRONAS Dagangan Bhd (5681), the retail arm of Petroliam Nasional Bhd (Petronas), expects its RON95 fuel, or Primax 95, to register 95 per cent sales with its availability nationwide from yesterday.
Its senior general manager of retail business division, Mohd Fadzlan Abdul Samad, said demand has been on the rise since it launched the fuel in May.
"When we started selling Primax 95 in May, 65 per cent of our customers opted to use RON95 against RON92. And when we launched the fuel in Kepong, it shot up to 95 per cent.
"It has since remained stable at 80-85 per cent. On this basis, we anticipate that more people will opt for RON95 and the market penetration would be in excess of 95 per cent," he told reporters after the launch of the Petronas CIMB Islamic MasterCard and the Petronas Maybank Islamic Ikhwan Visa in Kuala Lumpur yesterday.
Mohd Fadzlan said the company also anticipates some 600,000 existing and potential Petronas Dagangan consumers to apply for the two new Islamic cards.
Last year, Petronas and the two banks launched the conventional Petronas CIMB MasterCard and Petronas Maybank Visa for which some 600,000 cards have been issued.
"Based on this figure, I am confident that we will secure the same number of subscribers for the two new Islamic cards," Mohd Fadzlan said.
Currently, some 30 per cent of transactions at its petrol stations and convenience stores are made through credit cards.
"It depends on the locality of the service stations and convenience stores. For example, in the Klang Valley, it could be more than 50 per cent, while for some of the areas, the average is about 40 per cent," he said.
The two Islamic credit cards have the annual fee waived and offer attractive rebates and rewards.
With the two cards, customers can comply with Islamic financial principles, or syariah, in their daily transactions, including non-compounding charges.
In addition, cardholders of Petronas CIMB Islamic MasterCard will get 2 per cent rebate for every RM1 spent at any Petronas station, while Petronas Maybank Islamic Ikhwan Visa cardholders will get five times Maybank Treats Points for every RM1 spent at the stations.
Petronas has a retail network of more than 920 stations.
Its retail convenience store, called Kedai Mesra, is located at more than 750 petrol stations and boasts of the largest number of automated teller machines in the petrol market in the country.
Translation in Bahasa Malaysia
Oleh Zainab Mohd Yatim
zmy@bharian.com.my
PETRONAS Dagangan Bhd menjangkakan 90 peratus pelanggannya akan menggunakan petrol RON95 yang diperkenalkan secara rasmi mulai semalam.
Pengurus Besar Kanan, Bahagian Perniagaan Runcit Petronas Dagangan, Mohd Fadzlan Abdul Samad, berkata petrol baru yang dijual pada harga RM1.80 seliter itu sudah dijual di semua stesen minyak Petronas di seluruh negara.
“Ketika kami memperkenalkan Primax 95 di dua stesen kami di Putrajaya pada Mei lalu, 65 peratus pelanggan berpindah menggunakan petrol baru itu daripada RON97, dan selepas memperkenalkannya di stesen ketiga di Kepong pada Julai, kami dapati 95 peratus pelanggan berpindah kepada petrol berkenaan.
“Berdasarkan kepada perkembangan itu, kami anggarkan 90 peratus pelanggan akan menggunakan petrol RON95,” katanya sambil menambah syarikat itu juga tidak menerima sebarang aduan negatif, sebaliknya pujian oleh pengguna sejak memperkenalkan petrol baru itu.
Mohd Fadzlan berkata demikian pada sidang media selepas pelancaran kad kredit Islam yang ditawarkan Petronas Dagangan dengan kerjasama dua institusi kewangan iaitu Maybank Islamic Bhd dan CIMB Islamic Bank Bhd.
Kad kredit itu dilancarkan Pengarah Urusan Petronas Dagangan, Sabarudin Mohd Amin, bersama Pemangku Ketua Eksekutif Maybank Islamic, Ibrahim Hassan dan Ketua Eksekutif CIMB Islamic, Badlishah Abdul Ghani.
Mulai semalam, kira-kira 3,500 stesen minyak seluruh negara mula menjual petrol RON95.
Mengenai kad kredit Petronas Maybank Islamic Ikhwan Visa dan Petronas CIMB Islamic MasterCard itu, kedua-dua Maybank dan CIMB menjangkakan masing-masing dapat menarik 100,000 pelanggan dalam tempoh setahun pengenalannya.
Ketika ini, Maybank Islamic memiliki 60,000 pemegang kad Ikhwan Visa manakala CIMB Islamic memiliki 12,000 pelanggan.
Kedua-dua kad kredit Islam berkenaan menawarkan ciri menarik termasuk rebat belian dan program ganjaran, selain tidak mengenakan caj yuran tahunan.
Borang permohonan bagi kedua-dua kad kredit itu boleh diperoleh di semua stesen Petronas di seluruh negara mulai 3 September
By Kamarul YunusPublished: 2009/09/02
PETRONAS Dagangan Bhd (5681), the retail arm of Petroliam Nasional Bhd (Petronas), expects its RON95 fuel, or Primax 95, to register 95 per cent sales with its availability nationwide from yesterday.
Its senior general manager of retail business division, Mohd Fadzlan Abdul Samad, said demand has been on the rise since it launched the fuel in May.
"When we started selling Primax 95 in May, 65 per cent of our customers opted to use RON95 against RON92. And when we launched the fuel in Kepong, it shot up to 95 per cent.
"It has since remained stable at 80-85 per cent. On this basis, we anticipate that more people will opt for RON95 and the market penetration would be in excess of 95 per cent," he told reporters after the launch of the Petronas CIMB Islamic MasterCard and the Petronas Maybank Islamic Ikhwan Visa in Kuala Lumpur yesterday.
Mohd Fadzlan said the company also anticipates some 600,000 existing and potential Petronas Dagangan consumers to apply for the two new Islamic cards.
Last year, Petronas and the two banks launched the conventional Petronas CIMB MasterCard and Petronas Maybank Visa for which some 600,000 cards have been issued.
"Based on this figure, I am confident that we will secure the same number of subscribers for the two new Islamic cards," Mohd Fadzlan said.
Currently, some 30 per cent of transactions at its petrol stations and convenience stores are made through credit cards.
"It depends on the locality of the service stations and convenience stores. For example, in the Klang Valley, it could be more than 50 per cent, while for some of the areas, the average is about 40 per cent," he said.
The two Islamic credit cards have the annual fee waived and offer attractive rebates and rewards.
With the two cards, customers can comply with Islamic financial principles, or syariah, in their daily transactions, including non-compounding charges.
In addition, cardholders of Petronas CIMB Islamic MasterCard will get 2 per cent rebate for every RM1 spent at any Petronas station, while Petronas Maybank Islamic Ikhwan Visa cardholders will get five times Maybank Treats Points for every RM1 spent at the stations.
Petronas has a retail network of more than 920 stations.
Its retail convenience store, called Kedai Mesra, is located at more than 750 petrol stations and boasts of the largest number of automated teller machines in the petrol market in the country.
Translation in Bahasa Malaysia
Oleh Zainab Mohd Yatim
zmy@bharian.com.my
PETRONAS Dagangan Bhd menjangkakan 90 peratus pelanggannya akan menggunakan petrol RON95 yang diperkenalkan secara rasmi mulai semalam.
Pengurus Besar Kanan, Bahagian Perniagaan Runcit Petronas Dagangan, Mohd Fadzlan Abdul Samad, berkata petrol baru yang dijual pada harga RM1.80 seliter itu sudah dijual di semua stesen minyak Petronas di seluruh negara.
“Ketika kami memperkenalkan Primax 95 di dua stesen kami di Putrajaya pada Mei lalu, 65 peratus pelanggan berpindah menggunakan petrol baru itu daripada RON97, dan selepas memperkenalkannya di stesen ketiga di Kepong pada Julai, kami dapati 95 peratus pelanggan berpindah kepada petrol berkenaan.
“Berdasarkan kepada perkembangan itu, kami anggarkan 90 peratus pelanggan akan menggunakan petrol RON95,” katanya sambil menambah syarikat itu juga tidak menerima sebarang aduan negatif, sebaliknya pujian oleh pengguna sejak memperkenalkan petrol baru itu.
Mohd Fadzlan berkata demikian pada sidang media selepas pelancaran kad kredit Islam yang ditawarkan Petronas Dagangan dengan kerjasama dua institusi kewangan iaitu Maybank Islamic Bhd dan CIMB Islamic Bank Bhd.
Kad kredit itu dilancarkan Pengarah Urusan Petronas Dagangan, Sabarudin Mohd Amin, bersama Pemangku Ketua Eksekutif Maybank Islamic, Ibrahim Hassan dan Ketua Eksekutif CIMB Islamic, Badlishah Abdul Ghani.
Mulai semalam, kira-kira 3,500 stesen minyak seluruh negara mula menjual petrol RON95.
Mengenai kad kredit Petronas Maybank Islamic Ikhwan Visa dan Petronas CIMB Islamic MasterCard itu, kedua-dua Maybank dan CIMB menjangkakan masing-masing dapat menarik 100,000 pelanggan dalam tempoh setahun pengenalannya.
Ketika ini, Maybank Islamic memiliki 60,000 pemegang kad Ikhwan Visa manakala CIMB Islamic memiliki 12,000 pelanggan.
Kedua-dua kad kredit Islam berkenaan menawarkan ciri menarik termasuk rebat belian dan program ganjaran, selain tidak mengenakan caj yuran tahunan.
Borang permohonan bagi kedua-dua kad kredit itu boleh diperoleh di semua stesen Petronas di seluruh negara mulai 3 September
INZ Padu sedia laman web halal
INZ Padu sedia laman web halal
INZ Padu Corporation Bhd melancarkan laman web halal www.dunyahalal.com bagi manfaat individu dan usahawan untuk mencari produk serta perkhidmatan halal di seluruh dunia.
Pengarahnya, Abdul Rahman Mohd Ali, berkata syarikat melabur kira-kira RM150,000 untuk membina laman web berkenaan yang sudah boleh dilayari sejak tujuh bulan.
Katanya, syarikat memperuntukkan RM250,000 lagi hingga akhir tahun untuk meningkatkan kapasiti, dan kandungannya laman web baru yang turut berfungsi bagi mempromosi produk dan perkhidmatan halal.
“Kami yakin laman web halal ini mendapat sambutan menggalakkan dan sejak dilancarkan secara tidak rasmi awal minggu lalu, laman web ini sudah merekodkan lebih 14,000 pengunjung.
“Laman web ini berguna kepada pelancong untuk menyemak pusat makanan dan tempat tinggal masing-masing, selain membolehkan peniaga mengiklan serta memasarkan produk dan perkhidmatan untuk manfaat sejagat,” katanya selepas perasmian laman web www.dunyahalal.com, di Kuala Lumpur, minggu lalu.
Abdul Rahman berkata, dana yang diperuntukkan turut diguna untuk menawarkan laman web itu dalam bahasa asing termasuk bahasa Inggeris, Arab dan Mandarin. Kini, laman web itu dipapar dalam bahasa Melayu.
Mengenai pemantauan status halal dalam laman web itu, Abdul Rahman berkata, ia dilaksanakan oleh panel syariah yang ditubuhkan dalam syarikat, selain turut mendapat kerjasama pihak berkuasa seperti Jabatan Kemajuan Islam Malaysia (Jakim) dan Majlis Agama Islam Wilayah Persekutuan.
INZ Padu Corporation Bhd melancarkan laman web halal www.dunyahalal.com bagi manfaat individu dan usahawan untuk mencari produk serta perkhidmatan halal di seluruh dunia.
Pengarahnya, Abdul Rahman Mohd Ali, berkata syarikat melabur kira-kira RM150,000 untuk membina laman web berkenaan yang sudah boleh dilayari sejak tujuh bulan.
Katanya, syarikat memperuntukkan RM250,000 lagi hingga akhir tahun untuk meningkatkan kapasiti, dan kandungannya laman web baru yang turut berfungsi bagi mempromosi produk dan perkhidmatan halal.
“Kami yakin laman web halal ini mendapat sambutan menggalakkan dan sejak dilancarkan secara tidak rasmi awal minggu lalu, laman web ini sudah merekodkan lebih 14,000 pengunjung.
“Laman web ini berguna kepada pelancong untuk menyemak pusat makanan dan tempat tinggal masing-masing, selain membolehkan peniaga mengiklan serta memasarkan produk dan perkhidmatan untuk manfaat sejagat,” katanya selepas perasmian laman web www.dunyahalal.com, di Kuala Lumpur, minggu lalu.
Abdul Rahman berkata, dana yang diperuntukkan turut diguna untuk menawarkan laman web itu dalam bahasa asing termasuk bahasa Inggeris, Arab dan Mandarin. Kini, laman web itu dipapar dalam bahasa Melayu.
Mengenai pemantauan status halal dalam laman web itu, Abdul Rahman berkata, ia dilaksanakan oleh panel syariah yang ditubuhkan dalam syarikat, selain turut mendapat kerjasama pihak berkuasa seperti Jabatan Kemajuan Islam Malaysia (Jakim) dan Majlis Agama Islam Wilayah Persekutuan.
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