No action taken on expired road tax, driving licences until MCO is over

No action will be taken against the more than two million Malaysians whose driving licences and road tax have expired since the MCO was enforced, said Road Transport Department (JPJ) director-general Datuk Seri Shaharuddin Khalid. Since March 18 and as of June 14, a total of 2,119,653 road tax and 2,184,508 driving licences have yet to be renewed. He said the exemption for those whose road tax and driving licences had expired would last as long as the recovery MCO was in effect until Aug 31. However, the affected drivers must have valid insurance while on the road. Those whose road tax and driving licences have expired are urged to renew. He added that there were 855 JPJ counters nationwide open seven days a week to allow members of the public to renew their driving licences and road tax. He also said members of the public would be able to renew their road tax online via mySikap and get it delivered to their homes by Pos Malaysia beginning July 1. (The Star Online)

Resorts World Genting to reopen on Friday

Genting Malaysia Bhd will resume Resorts World Genting (RWG) operations this Friday after being shut for three months due to the MCO. However, it said due to limited capacity, the entry to SkyCasino in SkyAvenue and Genting Club in Genting Grand Hotel would be only for Genting Rewards members, adding that public entry into the casino would resume as soon as possible. The Awana Skyway cable car and Genting express buses will also resume operations. Genting Malaysia said RWG had implemented MySejahtera Check-In at all its primary entrances and outlets throughout the resort. Guests are encouraged to download and register the MySejahtera application prior to their visit for convenient access to the resort’s premises. (NST Online)

Star Residences enters Malaysia Book of Record for biggest mosaic tiles mural art display

The RM3 billion Star development located on Jalan Yap Kwan Seng, Kuala Lumpur has gained an artful entry into the Malaysia Book of Records for displaying the country’s biggest mosaic tiles mural art, that is visible from up to two kilometers away. The three-storey mural walls with a combined length of 58.77 meters are installed on the highest floor of the three towers within the development comprising the 57-storey Star Residences, and two 58-storey towers, including the Ascott Star KLCC Kuala Lumpur. Inspired by nature, myth and environmental conservations the abstract installation was envisioned and conceptualized by developer Alpine Return Sdn Bhd CEO Alan Koh. Koh said the process of assembling the mega murals took three months, and a further two months to install by hand. About 6.7 million mozetti classic mosaics were used to bring the three murals to life with detailed color transitions for a seamless finish. The total costs for the project is estimated at RM1.5 million. (NST Online)


Islamic finance sector to hit RM3t this year, says Bursa chairman

Malaysia’s Islamic finance industry is expected to sustain double-digit growth to achieve a value of close to RM3 trillion this year, according to Bursa Malaysia Bhd chairman Tan Sri Abdul Wahid Omar. The potential of the Islamic capital market remains promising both at home and abroad, he said. In Malaysia alone, the Islamic funds industry has demonstrated impressive growth, he added. As of March 2020, Shariah funds stood at RM170 billion, representing 23% of total industry assets under management (AUMs), while the net asset value (NAV) of Shariah unit trust funds of RM99 billion represented about 23% of the overall industry NAV. “There are opportunities for further product innovation and development to provide a more extensive array of Shariah-based products for the industry. For example, real estate has been a significant part of asset allocation in the Islamic world and accounts for some of the largest Shariah-compliant funds.” As of May 2020, 732 or 79% of the 932 listed companies on the local stock exchange were Shariah-compliant. (The Malaysian Reserve)

Singapore to hold Changi Airport T5 project for 2 years

Singapore has decided to “take a pause of two years” on the Changi Airport Terminal 5 (T5) project amid uncertainty on the returning of air traffic due to the COVID-19 situation, said Transport Minister Khaw Boon Wan. “We are confident that air traffic will return; the uncertainty is how quickly it will be,” said Khaw who is also Singapore’s Coordinating Minister for Infrastructure. Citing analysts’ projections, he said the return of air traffic is in the range from two to five years. “Inevitably, there will be delays. Shortage of available foreign construction workers is one. In the case of T5, there is the added complication of ascertaining the pace of post-COVID-19 aviation recovery,” said Khaw. Scheduled for completion in the 2030s, T5 will be able to handle up to 50 million passengers per annum in its initial phase. (Bernama)