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Licensed moneylending industry as an alternative financial service in Malaysia


Sandhu, Daljit Kaur and Muhammad Arif, Afida Mastura and Abu Bakar, Elistina and Abdul Rahim @ Abdul Wahab, Husniyah (2019) Licensed moneylending industry as an alternative financial service in Malaysia. Journal of Wealth Management & Financial Planning, 6. pp. 66-74. ISSN 2289-6937


Moneylending in Malaysia began informally before independence with the Nattukottai Chettiars pillared by their temple institution, and the Punjabi Sikh community supported by their motherland Punjab (Lal, 2003; Manjit, 1991). It was spearheaded by mutual trust between lenders and borrowers using hand written or verbal IOUs. Borrowers were primarily adult males seeking funds to conduct businesses, resulting in prompt repayments. It is unfortunate that due to the Japanese occupation of Malaya in 1942 to 1945, and the implementation of the requirement of having Malaysian citizenship to practise licensed moneylending with the passing of Moneylenders Act 1951.

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Additional Metadata

Item Type: Article
Divisions: Faculty of Human Ecology
Publisher: Malaysian Financial Planning Council
Keywords: Moneylending; Financial service; Malaysia
Depositing User: Mohamad Jefri Mohamed Fauzi
Date Deposited: 27 Sep 2021 09:48
Last Modified: 27 Sep 2021 09:48
URI: http://psasir.upm.edu.my/id/eprint/81219
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