PUTRAJAYA, June 22 — Domestic Trade and Cost of Living (KPDN) Minister Datuk Seri Salahuddin Ayub said today he will soon be meeting with leaders in the banking industry in hopes of an affordable banking service under the Payung Rahmah initiative.

He said he has already discussed this with the Minister of International Trade and Investment Datuk Seri Tengku Zafrul Abdul Aziz, who will accompany him to the meetings.

"Maybe there will be a good result from the meetings,” he told reporters at a press conference at his ministry here.

"Maybe there will be a Rahmah banking service that we can offer to any segments: perhaps housing, maybe loans, maybe financing from banks that is more ‘rahmah’ to Malaysians,” he said, using the Arabic-Malay word for "blessings” or "mercy”.

He added that it was natural for the Rahmah initiative to include banking services now that it has expanded into other industries.

He listed the Payung Rahmah initiative that offers cheaper products and services from different sectors and industries as an example of the expansion’s success.

Salahuddin said he will engage with the captains of the banking sector and hopes they will have good ideas of products that can be part of the Rahmah package.

"We’ll see first,” he added.

The Payung Rahmah initiative was introduced in January as a short-term strategy for mitigating the inflation squeeze for those in the bottom 40 per cent of income earners.

Soon after the launch of Menu Rahmah, an initiative which provided meals for RM5, Salahuddin reportedly announced that the initiative had attracted the interests of other sectors.

It has since grown to include fast food brands, eyewear, automotive services and hypermarket discounts, among others.