Najib: AHB scheme enables Bumis to equitably share country's wealth

KUALA LUMPUR: The Amanah Hartanah Bumiputera (AHB) investment scheme launched today, will provide an opportunity for the Bumiputera group to equitably share the country's wealth and succeed economically.

Prime Minister Najib Tun Razak said the scheme was part of the government's move to bring about a major change to the country's economy, so that wealth would not merely be concentrated in the hands of the upper class.

"We do not wish to see a widening gap between those with high incomes and the low-income earners, so with efforts like this we can help reduce that gap.

"It (AHB) also provides another instrument, whereby the country's wealth can be earned by as many Malaysians," he said when launching the AHB scheme at the Sime Darby Convention Centre in Bukit Kiara, here, today.

Also present were Deputy Prime Minister Muhyiddin Yassin, Minister in the Prime Minister's Department Nor Mohamed Yakcop, secretary-general of the Treasury Wan Abdul Aziz Wan Abdullah, and Pelaburan Hartanah Bhd managing-director/chief executive officer Kamalul Arifin Othman.

Najib said the government held to the principle that the country's wealth must be distributed equitably and justly because if a large section of the population, who were Bumiputeras, could not share the wealth, it meant the situation had denied them of their rights.

"This will also not contribute to political stability in the long run. We do not want to deny the rights of the Bumiputeras to continue investing and to succeed in business and the economy.

"Surely if the Bumuiputeras are passing through the city and each time they look up and see the skyscrapers and commercial buildings of high value are not owned by them, they will feel dissatisfied and uneasy," he said.

Permanent ownership

Najib, who is also the chairman of Yayasan Amanah Hartanah Bumiputera, said the move to introduce the AHB scheme was not only to increase Bumiputera ownership of high-value commercial assets, but also to ensure permanent ownership.

“The government will continue to assist Bumiputeras with opportunities to invest and own high-value and strategically-located real estate so that our aspiration to see a more balanced distribution of wealth will be achieved," he said.

The AHB scheme was announced by Najib, who is also Finance Minister, when he tabled the Budget 2011 in October to provide an opportunity for the Bumiputera community to increase ownership of strategically-located commercial property.

The RM1 billion scheme is open to Bumiputera investors aged three months and above, with the condition that investors who are below 18 require the signature of their lawful guardians who are Malaysian citizens, to invest.

The units are sold at a fixed price of RM1 per unit.

Bumiputeras can participate in the scheme with a minimum investment of RM500.

- Bernama