PUTRAJAYA – The cooperative sector is not bound by any rules set by banks, said Entrepreneur Development and Cooperatives Minister Tan Sri Noh Omar.
Referring to the increase in the overnight policy rate by Bank Negara Malaysia, he said that was because the cooperative sector does not provide personal loans but is bound by its own act, namely the Cooperative Societies Act 1993.
“In terms of the act, cooperatives are not bound by any (rules) set by banks,” he told reporters at the Hari Raya Aidilfitri celebration of the Entrepreneur Development and Cooperatives Ministry and its agencies here today.
Also present at the event were National Unity Minister Datuk Halimah Mohamed Sadique and Communications and Multimedia Ministry secretary-general Datuk Seri Mohammad Mentek.
In another development, Noh said the ministry was also striving to expand cooperative shops or Coop Marts to enable cooperative members to generate income.
For a start, Noh said logos and their colours would be standardised at all Coop Marts nationwide.
“This year we will begin with 500 Coop Marts first. Any cooperative member joining this programme will be given priority in terms of subsidy provision, for the sale of basic necessities at a lower price,” he said.
Noh said that apart from Coop Marts, the ministry will also establish a goods collection and distribution centre to avoid middlemen.
“We hope this centre will buy directly from sellers and send (the goods) to Coop Marts directly as well,” said Noh.
Coop Marts were launched on April 15 by Prime Minister Datuk Seri Ismail Sabri Yaakob. – Bernama, May 25, 2022
