We wish to inform you that we will be using the Principal of Tawarruq as the Islamic Concept for our Personal Financing-i and please take note that a new set of Application Forms is now required.
Why the changes?
a. To be in line with Bank Negara Directive to used Tawarruq as a preferred concept of financing. (Normally for Personal Financing & Credit Card)
b. To offer Islamic financial product and services that is acceptable globally.
c. To reduce cost (expenses, overhead etc)
Besides the form, there will be a few changes in terms of the underlying assets, 3rd Party Agency, Aqad and Tawarruq transaction itself.
1. 3rd. Party Agency – IDOTTV Sdn Bhd
The company will be our appointed Agent to transact the assets – the buy and sell of ‘Airtime’ e.g. the telco prepaid services
2. A simple mechanism in a Tawarruq financing is illustrated below:
(i) the bank purchases commodity from trader A in the commodity market on cash basis;
(ii) thereafter, the bank sells the commodity to the customer on deferred price (cost price plus profit margin);
(iii) the customer may appoint the bank as his agent to sell the commodity to Trader B on cash basis in the commodity market
(iv) the bank then sells the commodity, as agent of the customer, to trader B on cash basis in the commodity market.
Under this collaboration with IDOTTV, MBSB will no longer call the customer to perform Aqad but instead a SMS will be sent out to the customer detailing the transaction, the deduction and so on. Here, you must ensure that the handphone no given belongs to customer otherwise it will be rejected. What the system will do is, it will cross check the information such as name and i/c no with those from the telco. In the event that there is a mis-match of records, our Aqad team will call the customer.
Section E of the application Form
The customer must indicate if he/she is agreeable to open the Wadiah Savings Accounts and to join the TemanKu Club Membership.
Please note that under this concept, we will be deducting RM38 as the Wakalah Fee (Fee to appoint IDOTTV as the agent to perform the buy and sell transaction) however we wish to point out that despite this fee, the customer will enjoy a slightly higher cash pay-out since the stamping fee is only RM10.(as compared to RM5 per RM1,000 of financing amount – ad valorem)
The cut-off date will be on 20/7/2012 and all application received from 23/7/2012 onwards will be process under the new concept.
Should you require further clarification, please do not hesitate to call us.