Page 1 of 4. Product Disclosure Sheet – Personal Cash Line-i Sales. Bank Islam
Malaysia Berhad. BU/PDS/ Personal Cash Line-i Sales/Version 2.0/2012.
Product Disclosure Sheet- Personal Cash Line-i PRODUCT DISCLOSURE SHEET
Bank Islam Malaysia Berhad
(Read this Product Disclosure Sheet before you decide to accept the Personal Cash Line-i. Kindly also ensure that you read the terms in the letter of offer. Seek clarification from your institution if you do not understand any part of this document or the general terms)
Personal Cash Line-i
1. What is Bank Islam Personal Cash Line-i facility?
Bank Islam Personal Cash Line-i facility is a secured/non secured revolving financing to meet personal financial needs which is calculated based on Base Financing Rate (BFR) + spread per annum.
2. What is the Shariah concept and contract applicable?
The Shariah concept used is Tawarruq which comprises of Bai Murabahah and Wakalah contracts. The illustration of the product structure is depicted below:
3. What do I get from this product?
Total amount financed
Minimum financing amount of RM10,000 and maximum amount of RM200,000 or more if secured by collateral. The final financing amount approved will be based on the Bank’s credit evaluation.
Tenure
From 1 year (12 months) to 5 years (60 months).
Profit rate
From Base Financing Rate (BFR) + 0.00% to 2.50%. The final profit rate approved will be based on Bank’s credit evaluation.
Effective profit rate
From 6.60% to 15% depending on the financing tenure. Page 1 of 4 Product Disclosure Sheet – Personal Cash Line-i Sales Bank Islam Malaysia Berhad BU/PDS/ Personal Cash Line-i Sales/Version 2.0/2012
4. What are my obligations?
During facility tenure
To pay monthly profit payments subject to utilization amount to be calculated based on prevailing Bank’s Effective Rate.
Upon maturity
To pay the outstanding Bank’s Sale Price.
Customer is obliged to pay the monthly profit payments and upon maturity of the facility to pay the outstanding Bank’s Sale Price until full settlement of the financing. Should the financing tenure be extended beyond the retirement age, the customer is still obliged to pay the monthly profit payments and the outstanding Bank’s Sale Price. However, the customer may opt at any time to fully settle the financing.
5. What are the fees and charges that I have to pay?
Stamp duties (as per Stamp Act 1949 (Revised 1989)). Wakalah @ agency fee of RM 50.00. Temporary Excess fee of RM50.00 in the event of temporary excess granted.
6. Does Bank Islam hold my two months payment as advance payment?
No. Bank Islam does not hold two months’ payment as advance payment.
7. What if I fail to fulfill my obligations?
Customer shall pay the Bank late payment charges by way of ta'widh (compensation) as follows: a) Before maturity of the Facility A sum equivalent to one per centum (1%) per annum on overdue instalment(s) until date of full payment; b) After maturity of the Facility A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market Rate on outstanding balance i.e. outstanding Selling Price less ibra’ (if any); c) Post Judgment Debt A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market Rate on basic judgment sum calculated from judgment date until date of full payment.
PROVIDED ALWAYS that the above said ta’widh (compensation) rates may be varied by Bank Negara Malaysia (BNM) from time to time and shall be applied in such manner as approved by BNM. Legal action will be taken if you fail to respond to the reminder notice. Legal action against you may affect your credit rating leading to your future credit assessment being more difficult or expensive to you. 8. What if I fully settle the financing before its maturity?
In the event of Early Settlement of the Financing, the Bank undertakes to grant to the Customer an Ibra’ (rebate) which is equivalent to the deferred Profit at the point of settlement. Ibra’ (rebate) Formula: Ibra’ /rebate on early settlement = Deferred Profit. Note: i. Deferred Profit = Total Contracted Profit – Accrued Profit. ii. Total Contracted Profit = Selling Price – Purchase Price (or Financing Amount). iii. Accrued Profit is calculated based on Effective Profit Rate of the outstanding Purchase Price (or Financing Amount) being disbursed (or utilized). Page 2 of 4 Product Disclosure Sheet – Personal Cash Line-i Sales Bank Islam Malaysia Berhad BU/PDS/ Personal Cash Line-i Sales/Version 2.0/2012
9. Do I need any takaful coverage?
Yes. Personal Cash Line-i Takaful Plan (PCLTP) is required. Optional for secured facility.
10. Documents that I need to submit?
Minimum documents required for this financing: Salary earner i. Photocopy of IC. ii. Latest 3 months salary slip. iii. Latest Employee confirmation letter. iv. Latest annual income/tax statement or latest 3 months banks statement or EPF statement. For self employed i. Photocopy of IC. ii. Business Registration. iii. Latest 6 months Bank Statement. iv. Latest 2 years Financial Statement. v. Latest annual income/tax statement.
11. What do I need to do if there are changes to my contact detail?
It is important for you to immediately inform us of any change in your contact details to ensure that all correspondences reach you in a timely manner. 12. Where can I get assistance and redress?
If you have difficulties in servicing the monthly profit payments and the outstanding Bank’s Sale Price, you should contact us earliest possible to discuss the payment options. Alternatively, you may seek the services of Agensi Kaunseling dan Pengurusan Kredit (AKPK), an agency established by Bank Negara Malaysia to provide free services and money management, credit counseling, financial education and debt restructuring for individuals. You can contact AKPK at: Tingkat 8, Maju Junction Mall 1001, Jalan Sultan Ismail, 50250 Kuala Lumpur. Tel: 1-800-22-2575 Email:
[email protected] If you wish to complaint on the products or services provided by us, you may contact us at: Feedback Channel & Distribution Department (Jabatan Rangkaian & Pengagihan Maklum Balas) Level 18, Menara Bank Islam No 22, Jalan Perak 50450 Kuala Lumpur Tel: 03-2782 1281/1284/1285 Fax: 03 2782 1337 Email:
[email protected] If the query or complaint is not satisfactory resolved by us, you may contact Bank Negara Malaysia LINK or TELELINK at: Block D, Bank Negara Malaysia, Jalan Dato’ Onn, 50480 Kuala Lumpur. Tel: 1-300-88-5465 Fax: 03-2174 1515 Email:
[email protected] Page 3 of 4 Product Disclosure Sheet – Personal Cash Line-i Sales Bank Islam Malaysia Berhad BU/PDS/ Personal Cash Line-i Sales/Version 2.0/2012
13. Other Personal Cash Line-i package available?
No.
14. Where can I get further information?
Should you require additional information about Personal Cash Line-i product, please refer to the banking information booklet available at all our branches or contact: Contact Centre Department Bank Islam Malaysia Berhad th 17 Floor, Menara Bank Islam, No. 22, Jalan Perak, 50450 Kuala Lumpur. Tel: 03-26 900 900 Email:
[email protected]
IMPORTANT NOTE: LEGAL ACTION MAY BE TAKEN AGAINST YOU IF YOU FAIL TO PAY THE MONTHLY PROFIT PAYMENTS AND THE OUTSTANDING BANK’S SALE PRICE OF YOUR PERSONAL CASH LINE-i FACILITY.
The information provided in this disclosure sheet is valid as at 1 July 2012.
Page 4 of 4 Product Disclosure Sheet – Personal Cash Line-i Sales Bank Islam Malaysia Berhad BU/PDS/ Personal Cash Line-i Sales/Version 2.0/2012
