Islamic Pawn-Broking Scheme
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Definition of "Islamic Pawn-Broking Scheme"
A Malaysian scheme to provide interest-free loans to clients of small means. The scheme operates through branches of Bank Rakyat Malaysia. Under the scheme, anybody who qualifies for an interest-free loan offers some gold jewellery as collateral to the bank. The bank provides interest-free loan and charges nominal safe custody charges for the jewellery.