AgroCash-i is a personal financing which provides consumer financing especially for agriculture and agro-based activity. The implementation of the product is based on the Bai’ al-‘Inah transactions.
In these transactions, the seller sells an asset to the buyer on cash basis and then buys back the asset at a deferred price which is higher than the cash sale price. It may also be conducted where the seller sells the asset to the buyer at a deferred price and subsequently buys back the asset on cash basis at a lower price than the deferred sale price.
In this financing, the Bank will sell the asset (a land owned by a bank or other asset advised by the Bank) to the customer at a selling price which is to be paid on a deferred basis.
|Age Requirement||Government Servants
Age between 18 to 60 or up to retirement age whichever is earlier
Government servants with at least 3 months of completed service
|Min. Salary Requirement||Government Servants
RM1,000 gross salary per month
|Guarantor / Collateral Requirement||Contract Government staff requires a guarantor(s) from a permanent Government employees|
|Takaful Coverage||Yes, encourage to take the Takaful coverage|
|Financing Limit||Government Servant
|Financing Tenure||Maximum 10 years|
|Profit Rates (Subject to qualification and current changes)||
Fee & Charges
|Stamp Duty||As per the Stamp Act 1949 (Revised 1989).|
|Disbursement and misc. fee||N/A|
|Early settlement penalty||N/A|
|Late payment charges||Ta’widh of 1%|