Malaysian Punjabi moneylenders association thriving six decades later

| Kuala Lumpur, Malaysia | 3 Oct 2016 Asia Samachar |

moneylencers-mplma-groupaA Punjabi moneylenders association in Malaysia, which began more than six decades ago, is still thriving today.

Formed in 1952 under the name Punjabi Sahukara Association, the association has been active in the past few years, actively engaging members to assist with them with the fast-changing industry.

Known as the Malaysian Punjabi Licensed Moneylenders Association (MPLMA) since 2012, it has held seminars to ensure members are aware of their role and responsibilities as moneylenders.

“We found that some licensed money lenders were not well-versed with the regulatory requirements that govern their business. So we held a seminar last year which was well attended,” MPLMA Vice President Palwinder Singh tells Asia Samachar.

“We made then understand the Act, how to fill up forms, and provided other business critical information.”

In Malaysia, money lending is governed by the Moneylenders Act 1951 which comes under the supervision of the Ministry of Urban Wellbeing, Housing and Local Government.

The Act regulates and controls the business of moneylending, the protection of borrowers of the monies lent in the course of such business.

Sahukara was established on 25 Jan 1952 and registered at Perkind Road in Kualal Lumpur, according to information provided by the association.

In Malay, it is known as Persatuan Pemberi Pinjam Wang Berlesen Punjabi Malaysia.

Bouyed by the success of the programme, attended by some 400 participants, the association is now gearing up to serve a wider segment of the business community.

For a start, it is pushing its membership which at present stands at 200.

“Members can  make use of our database. All members key in bad debts. When a customer come for a new loan, we can check if they are already owing money to others,” he said.

Malaysian Punjabi Money Lenders Association (MPLMA) VP Palvinder Singh (left) and president Ba Beanat Singh
Malaysian Punjabi Money Lenders Association (MPLMA) VP Palvinder Singh (left) and president Ba Beanat Singh

MPLMA Committee 2016/2018    

President: Ba Beanat Singh

Vice President: Palwinder Singh

Secretary: Amrinderjit Singh

Asst Secretary: Kulwant Singh

Treasurer: Keshvinder Singh

East Cost Rep: Harvinder Singh

Negeri Sembilan Rep: Avtar Singh

Committee Members: Mahendar Singh, Sukhamar Singh, Nesibjeet Singh, Parpur Singh, Tejvir Singh, Belvinder Singh, Jagtar Singh, Satnam Singh



Diwali Night | 7 Oct 2016 | Kuala Lumpur | Contact: Sukhamar Singh 019.2383838

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