Latest news with #RM14
The Sun
17 hours ago
- Business
- The Sun
Juwai IQI launches bank-grade ‘checkout' feature to protect property buyers, renters from fraud
PETALING JAYA: Malaysia's RM725 billion annual e-payment transactions could get a RM3.6 billion boost from real estate as IQI embeds a one-tap bank-grade 'checkout' button that will make every transaction fraud-resistant. 'Malaysian home buyers and renters finally have a bank-grade 'checkout' button for their purchase and rental booking fees and deposits,' said Juwai IQI co-founder COO and CIO Nabeel Mungaye. He said they created the system in partnership with payments infrastructure provider FPX, and it works with every major bank in the country, including Maybank, CIMB, Public Bank, RHB Bank and Hong Leong Bank. 'The average rental deposit is RM4,800 and the average buyer's booking fee is about RM14,500. That's a significant share of anyone's household budget, so we have a responsibility to make sure it is secure, he said, adding that this payment integration complies with anti-money laundering rules, safeguards all parties to property transactions and helps prevent property scams. Mungaye said some 300 people lose more than RM12 million to property fraud every year. The most common scams include fake rental listings, inflated deposits, fees for fake services and even sale of properties that scammers do not own. 'Malaysians transacted 28% more via digital payments in 2024 than in 2023. If every Malaysian goes on to pay their real estate booking fees via a digital payment system like IQI's, that would add RM3.6 billion in value to the country's digital payments. Real estate would boost the RM14.7 billion of annual digital payments by nearly 25%.' Mungaye believes they are the first to integrate secure payments into buying and renting through an online payments system in partnership with a top provider like FPX. He said, 'Before, you might have given cash to agents, written a cheque, or transferred funds into an agent's personal bank account. You had to wait to see if your funds made it to their destination. As of now, you just scan a QR code, add your info, and hit the button. The money goes into verified company accounts and is linked to you personally and to your property transaction. The benefits of the new system are a payments log-in you trust, instant receipts, no hidden fees, and 24-7 clearance.' Juwai IQI co-founder and group CEO Kashif Ansari said, 'The average house price across Malaysia now stands at RM486,070 and grew by 0.9% in January to March, compared to a year earlier. The number of newly launched residential units doubled to 12,498, and unsold inventory, especially serviced apartments, continued to shrink.' He added that they expect steady growth In the second half of the year, which will be supported by construction activity and new supply. Kashif said innovations like their new secure payments integration will help make property buying and renting simpler and faster, which could result in more deals done.
New Straits Times
a day ago
- Business
- New Straits Times
Why Malaysia needs a vacancy tax and how to make it work
In the world of real estate, what you don't see can hurt you. In Malaysia, what you don't see are the thousands of housing units—neatly painted, quietly lit, but ghostly empty. More than 22,000 completed homes across the country remained unsold for over nine months as of mid-2024 (NAPIC 2024). These so-called "overhang units", worth over RM14 billion, represent something far more troubling than unsold inventory—they are a silent indictment of a housing market that has drifted from real need to speculative excess. And experts are beginning to call this what it is: a market failure. Enter the idea of a vacancy tax. At first blush, it may sound like just another punitive policy. But if done right, it could become one of the most important tools in aligning Malaysia's housing market with its development goals. Much like how climate activists have pushed for carbon pricing to internalize environmental costs, a vacancy tax puts a price on housing inefficiency and speculative hoarding. It's not about punishing success or property ownership—it's about ensuring homes are built for living, not just for flipping. The proposed tax wouldn't need to come from the top. In fact, it might work better if it trickles up from the local level, through Malaysia's Pihak Berkuasa Tempatan (PBTs). These municipal councils already have the legal tools, like the Local Government Act 1976, which empowers them to collect property assessments. With some political will and smart engineering, those assessment frameworks can be expanded to include vacancy surcharges. Think of it as a localized nudge, not a national crackdown. And here's the kicker—state-level by-laws could be passed faster than federal legislation, allowing high-vacancy states like Selangor or Penang to pilot solutions that others can emulate. That said, some level of federal coordination through KPKT may still be needed, especially in setting national standards, sharing data infrastructure, and harmonizing enforcement across jurisdictions. Malaysia wouldn't be alone in this experiment. Vancouver, Melbourne, Singapore and Paris have all taken steps to tax homes left empty or held purely for investment. These cities learned two lessons: first, vacancy taxes can work; and second, they need to be smart, clear, and enforceable. No one wants a Kafkaesque housing policy. So how do you define vacancy? In a digital age, it's not that hard—use utility consumption thresholds, absence of tenancy registrations and supplement this with transparent public digital registries. If your water and power usage fall below 10 per cent for six straight months, that's not a home—it's a hollow asset. Still, any new tax brings risk. If you get it wrong, you might push prices up or create a backlash. So the tax should be graduated—one per cent for second properties, more for third and beyond. And yes, developers may resist, but perhaps that's the kind of feedback the system needs to realign supply with demand. Offer a grace period—maybe 12 or 18 months post-completion—before taxing unsold units. That's fair. But past that, hoarding stock should carry a price. And we can't stop at taxes. Pair the stick with a few carrots. Offer rebates to owners who rent out empty units to B40 or M40 households. Set up public-private rent-toown schemes to absorb overhang units. Give developers who shift toward demandaligned, sustainable housing faster zoning approvals or density bonuses. Want to get really creative? Launch a state-level housing buyback fund, where unoccupied properties are converted into civil servant housing or refugee accommodation. But here's the real issue—Malaysia's housing market has become a mirror of its inequality. Affordable homes are being bought not by those who need them, but by those who can afford to sit on them. Speculation is no longer just a market behavior; it's a structural distortion. And like all distortions, it warps the very purpose of housing—to shelter people, build families, and grow communities. When you have nearly 20 per cent vacancy in high-growth states like Selangor and Penang (DOSM 2020), something is broken. So if we want to rebuild the Malaysian housing dream, we need to treat housing as infrastructure, not just investment. We need a market that rewards circulation, not stagnation. We need a policy environment where flipping is discouraged, not celebrated. And we need to start asking: Who are we really building for? A well-designed vacancy tax may not solve everything—but it could spark the kind of mindset shift that modern Malaysia needs: from trading homes like chips on a roulette table, to making homes livable, affordable, and equitable again. That's not just smart economics—it's nation-building.
The Star
6 days ago
- Business
- The Star
MACC seeks forfeiture of RM169mil from Ismail Sabri
KUALA LUMPUR: The Sessions Court here has fixed Oct 1 to hear an application by the Malaysian Anti-Corruption Commission (MACC) in its bid to forfeit more than RM169mil in cash belonging to former prime minister Datuk Seri Ismail Sabri Yaakob. Sessions Court judge Suzana Husin set the date during case management here yesterday. Lawyer Datuk Amer Hamzah Arshad, who represented Ismail Sabri, informed the court that the respondent needed more time to reply to the application. The court then instructed the respondent to file an affidavit by Aug 13 and the prosecution to file affidavit-in-reply by Sept 3. Deputy public prosecutor Ifa Sirrhu Samsudin and Alis Izzati Azurin Rusdi appeared for the prosecution. On July 7, the MACC, represented by the deputy public prosecutor as the applicant, filed the application and named Ismail Sabri's former political secretary, Datuk Mohammad Anuar Mohd Yunus and the former prime minister as first and second respondents. In the application, the MACC is seeking a court order to forfeit cash seized from the first respondent for the Malaysian government, including RM14,772,150, S$6,132,350, US$1,461,400, 3mil in Swiss Francs, €12,164,150, ¥363,000,000, £50,250, NZ$44,600, 34,750,000 Emirati Dirham and A$352,850. The application was made under Section 41(1) of the MACC Act 2009 after it was satisfied that the money kept by Mohammad Anuar belonged to Ismail Sabri and was linked to an offence under Section 36(2) of the same Act. The MACC also applied for other court orders deemed suitable by the court.
Sinar Daily
7 days ago
- Business
- Sinar Daily
Court to hear MACC's RM169 million forfeiture bid against Ismail Sabri on Oct 1
The court also ordered the defence to file its affidavit in reply on or before Aug 13, while MACC must file a counter-affidavit on or before Sept 3. 22 Jul 2025 04:54pm Former prime minister Datuk Seri Ismail Sabri Yaakob - Photo by Bernama KUALA LUMPUR - The Sessions Court here today set Oct 1 to hear the Malaysian Anti-Corruption Commission's (MACC) application to forfeit over RM169 million in cash allegedly belonging to former prime minister Datuk Seri Ismail Sabri Yaakob. Judge Suzana Hussin fixed the date after lawyer Datuk Amer Hamzah Arshad, representing Ismail and his former political secretary Datuk Mohammad Anuar Mohd Yunus as respondents, informed the court that more time was needed to review and respond to the application. The court also ordered the defence to file its affidavit in reply on or before Aug 13, while MACC must file a counter-affidavit on or before Sept 3. The proceedings were attended by Deputy Public Prosecutors Ifa Sirrhu Samsudin and Alis Izzati Azurin Rusdi, as well as lawyer Ragunath Kesavan, who also appeared for Ismail and Mohammad Anuar. MACC is seeking a court order to forfeit the seized funds from Mohammad Anuar to the Malaysian Government. The funds sought to be forfeited include RM14,772,150; SGD6,132,350 (Singapore dollars); USD1,461,400; CHF3 million (Swiss francs); EUR12,164,150; JPY363,000,000 (Japanese yen); GBP50,250; NZD44,600; AED34,750,000 (UAE dirhams) and AUD352,850. The Sessions Court here set Oct 1 to hear MACC's application to forfeit over RM169 million in cash allegedly belonging to former prime minister Datuk Seri Ismail Sabri Yaakob. - BERNAMA FILE PIX The application was made under Section 41(1) of the MACC Act 2009 after the commission was satisfied that the money held by Mohammad Anuar belonged to Ismail Sabri and was linked to an offence under Section 36(2) of the same Act. On July 3, MACC chief commissioner Tan Sri Azam Baki said at a press conference that the anti-graft body would apply to the court to forfeit seized assets amounting to RM170 million. Previously, Ismail Sabri had been summoned several times to record statements with regard to the declaration of assets he made to the MACC. MACC had also seized RM170 million in cash in various foreign currencies, as well as 16 kilogrammes of pure gold bars estimated to be worth RM7 million, in connection with the corruption and money laundering investigation involving the Bera MP. The seizure was made during raids on residences and offices believed to be used as 'safe houses' following investigations into four senior officers of Ismail Sabri who were arrested in February. - BERNAMA More Like This
New Straits Times
22-07-2025
- Business
- New Straits Times
RM169m forfeiture case tied to Ismail Sabri set for hearing in October
KUALA LUMPUR: The RM169 million forfeiture proceedings linked to former prime minister Datuk Seri Ismail Sabri Yaakob are scheduled to be heard at the Sessions Court this October. Judge Suzana Hussin fixed the date after lawyers representing Ismail and his former political secretary, Anuar Yunus, told the court that they would challenge the application filed by the Malaysian Anti-Corruption Commission (MACC) earlier this month. Lawyer Datuk Amer Hamzah Arshad said the respondents have requested three weeks to file their affidavits. The deputy public prosecutor (DPP) is expected to respond by Sept 3, he added. "The court has fixed Oct 1 for hearing, during which further instructions will be given regarding the filing of written submissions," he said via WhatsApp. Ismail was also represented by lawyers Ragunath Kesavan and Jason Anthony, while DPPs Ifa Sirrhu Samsudin and Alis Izzati Aumin Mohd Rusdi represented the government. The application was made under Section 41(1) of the MACC Act after the commission was satisfied that the funds were owned by Ismail Sabri but kept by Anuar. The funds, the commission said, was linked to an offence under Section 36(2) of the act. The funds that MACC is seeking to forfeit, which were earlier seized from Anuar, comprise RM14,772,150; S$6,132,350; US$1,461,400; three million Swiss Francs; €12,164,150; ¥363 million; £50,250; NZ$44,600; 34.75 million dirham and A$352,850. MACC is also asking for the declaration of other orders deemed fit by the court. On July 3, MACC Chief Commissioner Tan Sri Azam Baki said the assets, which have already been seized, would be forfeited to the government if the court rules in its favour. Azam had said if Ismail Sabri, the Bera member of parliament, chooses to contest the forfeiture, the case would proceed to trial. On June 25, it was reported that MACC was planning to forfeit RM177 million in cash and assets linked to a probe into alleged corruption and money laundering involving Ismail Sabri. In March, MACC seized about RM170 million in cash, held in various foreign currencies, along with 16kg of gold bullion worth around RM7 million, following investigations into the case. MACC confirmed that the operation involved raids at multiple locations, including residences and three other premises believed to be used as "safehouses" following the arrests of four senior officers who served under Ismail during his tenure as the ninth prime minister.
