Set up trust fund to buy properties, Abang Jo tells Malay associations

 

Sarawak premier Abang Johari Openg said the trust fund can buy Malay-owned properties at market prices. (Bernama pic)

PETALING JAYA: 

Sarawak premier Abang Johari Openg has suggested that Malay associations in the state create a trust fund to manage Malay-owned properties.

He said the associations can buy Malay-owned properties through the trust fund at market prices and manage them without changing their status.

“For instance, if the owner dies and the land has commercial value, it will be sold to anyone. Malays usually don’t have the financial resources to purchase land, so it ends up leaving Malay hands.

“The solution is to shore up the Malay community through a trust fund. If the property is sold because of faraid (Islamic inheritance), the trust fund can buy it and it will be managed by the Malay community themselves by buying at market prices,” he told reporters in Kuching today.

Abang Johari said such efforts would help ensure that the properties would not “slip away”, especially if they are in Malay areas.

“We can also work with non-Malays with the condition that the Malays themselves need to take part as equity partners, not sell it 100%. To take that equity, Malays must have financial strength.

“Otherwise, it will turn out to be like Kampung Wireless in Miri, where only the old Miri mosque is left, similar to Kampung Nyabor in Sibu.

“That’s why Malays must come together in terms of financial strength and invest through this trust fund. Then we can defend our heritage. I’m thankful we already have a formula in Sarawak,” he said. - FMT