Sultan Ibrahim Sultan Iskandar has suggested that the Johor state government set up a bank, which will be known as the 'Bank of Johor'.

In his speech at the state assembly this morning, the ruler said the bank would provide services for the people of the state.

Sultan Ibrahim said apart from housing loans and financing development projects, the bank would also cater for savings and investment purposes.

"Furthermore, with the state government cash reserve touching RM3 billion and the income of the government as well as government-linked companies touching RM7.5 billion a year, it is certain they can be shareholders for this 'Bank of Johor'," he said.

The ruler, who praised the state and federal governments for their continued commitment towards building affordable homes, rued that many could not own house because of their inability to obtain bank loans.

Therefore, he suggested that the state government forms the 'Bank of Johor'.

Meanwhile, the sultan also lambasted those who do not appreciate the rapid development in the state.

"They feel as if the development only profits foreigners and brings nothing for them. Worse still, there are some who claim the development burdens them.

"Are they blind or brainless? To the point they cannot realise the rapid development is for their own benefit," he said, noting how it has created ample employment and business opportunities.