Category: Financial Literacy EN

With the anti-government protest going on in Hong Kong, Malaysian developers are making a beeline to attract Hong Kong investors to buy properties here. This may ease the overhang in the local property market but it is not going to solve housing problems faced by our people. Penang, Selangor, and Johor have set the highest minimum property prices for foreigners to acquire properties. For Selangor...

The Consumers’ Association of Penang (CAP) is pleased to know that our Prime Minister Tun Dr Mahathir Mohamad has stated that the tabling of the Consumer Credit Act will be expedited to this year. Last month when the BNM Governor, Datuk Nor Shamsiah Mohd Yunus, had stated that a Consumer Credit Act could finally be part of our Malaysian legislation starting sometime next year we welcomed it...

The Consumers Association of Penang (CAP) is shocked with the pre-empted announcement by the Minister of Finance even before the scheduled budget dialogue which is to be held on 27th June 2019, that the long awaited inheritance tax would not be implemented. This would only contribute to the worsening of the inequality between the haves and the have-nots.  Many governments are known to be...

The Consumers’ Association of Penang (CAP) welcomes the statement by the BNM Governor, Datuk Nor Shamsiah Mohd Yunus, that a Consumer Credit Act could finally be part of our Malaysian legislation starting sometime next year. CAP has been championing the implementation of a comprehensive Consumer Credit Act close to two decades now. In the year 2004 CAP published a memorandum on the need for a...

We refer to the Malaysia Co-operative Societies Commission’s (SKM) statement on 10 June 2019 that it will investigate allegations of certain co-operatives being involved in a syndicated loan scam, and in falsifying payslips for civil servants and employees of government-linked companies. The loan scam, which allegedly involves the Malaysian National Co-operative Movement (ANGKASA) and...

An estimated 5 million students (from pre-school to secondary school) are to splurge on new school uniform and other items when school reopens next year, parents could easily spent more than RM2 billion just for this period alone. The Consumers’ Association of Penang (CAP) urges parents not to buy entirely new sets of uniform and other school supplies when school reopens if the existing uniform...

The Consumers Association of Penang (CAP) is extremely concerned that our government has lost billions of Ringgit in potential revenue in the awarding of spectrum licences to mobile phone operators in the past, through lack of transparency in the awarding process, as well as in the low pricing. It is significant to note that India, which came out of a multi-billion Rupee scandal in its 2G...

The Consumers’ Association of Penang (CAP) is shocked, concerned and disappointed with the news that many Muslims have once more resorted to borrowing money to sate the materialistic “wants” associated with celebrating Aidilfitri. CAP has repeatedly advised against being extravagant and overspending during the months of Ramadhan and Syawal when we celebrate Raya Aidilfitri. To stay away...

The Consumers’ Association of Penang (CAP) is shocked that our personal information databases are unsafe, seen from the barrage of news concerning “personal data theft” and “illegal sales of personal data” these last few weeks. We are concerned whether our country is prepared for the digital economy. The majority of our transactions today are done online. The push towards the digital...

The Consumers’ Association of Penang (CAP) strongly believes that consumers will benefit from the NFL just as employees benefit from the Social Security Organisation (SOCSO) which operates on the principle of NFL. If SOCSO has been overwhelming successful for more than four decades why can’t NFL. CAP disagrees with former Bar Council chairman Kuthubul Zaman Bukhari’s statement that “any...