Product Disclosure Sheet-Vehicle Financing-I
Product Disclosure Sheet-Vehicle Financing-I
Product Disclosure Sheet-Vehicle Financing-I
1. Bank appoints the Customer as its purchasing agent to purchase the vehicle from the Dealer.
2. The Customer purchases the vehicle from the Dealer on behalf of the Bank.
3. Bank sells the vehicle to the Customer on Murabahah basis. Customer pays the selling price to the Bank on deferred
payment basis.
4. The Customer pledges the vehicle to the Bank as security/ collateral.
((P x R x T) + P) / t,
where:
P = Financing Amount Approved
R = Profit rate per annum
T = Tenure of facility in years
t = Tenure of facility in months
Customer is obliged to pay the monthly payments 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 payments. However, the
customer may opt at any time to settle the financing in full.
a. Late Payment
The Bank shall impose Ta’widh (compensation for late payment charge) to you as follows:-
Before maturity of the Facility
A sum equivalent to one per centum (1%) per annum on overdue installment(s) until date of full payment;
After maturity of the Facility
A sum equivalent to the prevailing daily overnight Islamic Interbank Money Market Rate on outstanding
balance i.e. outstanding Sale Price less ibra’ (if any);
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.
b. Event of Default
In the event of default of payment, the Bank may by written notice to you, demand for immediate payment
of amount overdue from you and/or the guarantor.
The Bank has the right to set-off any credit balance in your deposit and/or investment account which is
maintained with the Bank against any overdue payment under this financing.
Legal action shall be taken against you if you fail to response to the reminder notices. Any security pledged
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Note:
i. Deferred Profit = Total Contracted Profit – Accrued Profit.
ii. Total Contracted Profit = Bank’s Selling Price – Bank’s Purchase Price (or Financing Amount).
iii. Accrued Profit is calculated based on Profit Rate of the outstanding Bank’s Purchase Price (or Financing
Amount) being disbursed (or utilized).
Early Settlement:
“Early Settlement” means Settlement prior to the expiry of the Financing tenure by the Customer including, but is
not limited to the following situations:
i. Customers who make an early settlement or early redemption, including those arising from prepayments;
ii. Settlement of the original Financing contract due to financing restructuring exercise;
iii. Settlement by Customers in the case of default; and/or
iv. Settlement by Customers in the event of termination or cancellation of Financing before the maturity date.
“Early Settlement Amount” means Outstanding Bank’s Selling Price minus ibra’ on Early Settlement minus
undisbursed (or unutilized) amount minus advances by the Customer plus temporary excess plus advances by the
Bank plus ta’widh plus Early Settlement Charges”.
Note:
i. Outstanding Bank’s Selling Price = Outstanding Bank’s Purchase Price (or Financing Amount) + Profit Overdue
+ Deferred Profit
ii. Advances by the Bank which includes takaful contribution / insurance premium, legal fees etc.
iii. Early Settlement Charges means actual costs allowed by Shariah Supervisory Council of the Bank.
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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: 03-2616 7766
Email: [email protected]
If you wish to complaint on the products or services provided by us, you may contact us at:
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
Fax: 03-2782 1337
Email: [email protected]
If your query or complaint is not satisfactorily 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]
IMPORTANT NOTE: LEGAL ACTION MAY BE TAKEN AGAINST YOU IF YOU FAIL TO PAY
THE MONTHLY PAYMENT OF YOUR VEHICLE FINANCING-i FACILITY.
nd
The information provided in this disclosure sheet is valid as at 02 May 2017.
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