'Bumi discounts for RM2m bungalows unsuitable'

Bursa Malaysia chairperson Abdul Wahid Omar has called for the eradication of bumiputera discounts to purchase luxury houses.

He said the new economic agenda to empower the bumiputera should have policies catered for the low-income group instead.

“Property discounts for bumiputera buyers who want to buy a RM2 million ringgit bungalow are not suitable,” The Star quoted him as telling the Bumiputera Economic Congress in Putrajaya.

Wahid suggested that the revenue from such discounts be used for a fund to assist those in the low-income bracket to acquire houses.

The Bursa chairperson said this when presenting the findings of a cluster on wealth creation, which under his stewardship was tasked with looking into ending practices that benefit the rich bumiputera in favour of those which are needs and merit-based.

“The cluster proposed that the new bumiputera policy to help grow corporate wealth be driven by the values of prosperity, inclusivity, and sustainability.

“If our policies are needs and merit-based, they will be embraced by everyone,” he added.

Previously, Wahid told the congress that only one out of 97 listed companies in Bursa Malaysia in the last three years is bumiputera-owned and this should serve as a “wake-up” call.

However, former law minister Zaid Ibrahim said the bumiputera have nothing to be alarmed about because the community controls everything.

He had also said the congress would not produce anything useful or relevant for the underclass.

Meanwhile, another presenter, former Universiti Kebangsaan Malaysia vice-chancellor Noor Azlan Ghazali, emphasised the need to relook at education policies.

“For instance, we always pay attention to the boarding schools which produce the best students but they only constitute four percent of all public schools.

“The remaining 96 percent of schools are attended by the majority of bumiputera children. We should instead start treating all of these schools as good schools and pay equal attention to them,” he added.

Azlan also stressed focusing on pre-schools as well, especially in rural areas.

“Because the pillars to building an adult’s character start at this age. So we must also provide quality preschool education,” he said. - Mkini