PFi Variable Rate

PRODUCT DISCLOSURE SHEET V2.1
Please read this Product Disclosure Sheet before you decide
to take up the product .
Be sure to read the general terms and conditions
MBSB PERSONAL FINANCING-i
December 19, 2014
Date :
Customer Name:
1.
What is this product about?
This is an unsecured Islamic personal financing, offered to individuals and the profit is calculated based on variable rate basis.
2.
What is the Shariah concept applicable?
The Shariah concepts applied are Tawarruq or Commodity Murabahah. Tawarruq refers to a contract which involves sales of certain commodities through an
·
exchange on a cost plust profit basis.
3.
What do I get from this product?
·
Financing Amount :
·
Financing Tenure :
·
Profit Rate : BFR+
·
Effective Profit Rate :
p.a.
years
·
Ceiling Rate :
p.a.
p.a.
·
Selling Price :
* Current MBSB's Base Funding Rate (BFR) is : 6.85%
4.
What are my financial obligations?
·
Monthly Payment :
·
The amount of Selling Price you must pay is :
·
If applicable, rebate will be granted based on the difference between the Ceiling Profit Rate and the Effective Profit Rate and as long as the Effective Profit Rate
for the first -1 months and then
on the final month
RM0.00
is lower than the Ceiling Profit Rate.
5.
What other fees and charges do I have to pay?
·
Customers are required to pay fees and charges as follows:
6.
i. Wakalah Fee :
RM34.00 per application;
iii. IBG fee:
RM4.00 per application;
iv. Optional:
<product bundling name>
ii.Takaful Contribution:
How does the "Facility Transaction" take place?
MBSB will offer the facility via Short Message System (SMS) to customer and the customer will be required to reply the SMS according to the multiple options
·
provided.
Aqad transaction (Sale-purchase agreement) between MBSB and the customer will be made in the form of SMS messages sent by MBSB to the customer with
·
the appointment of MBSB as the agent. Commodities transactions will be executed based on customer's SMS reply.
7. What if I fail to fulfill my obligations?

During financing period, prior to maturity: Late payment charges (Ta'widh) will be charged at 1% p.a. on the instalments amount in arrears and not compounded.

Upon expiry of financing period, beyond the maturity: Late payment charges (Ta'widh) will be charged based on MBSB current rate which is equivalent to the
Islamic Interbank Money Market (IIMM) Rate on the balance principal amount outstanding on the maturity date or the expiry of the Facility
MBSB has the right to set-off any credit balance in your account maintained with us against any outstanding balance in this financing account, however, it would
·
be made known to the customer
MBSB reserves the right to take legal action and all costs incurred will be borne by the customer. This legal action will have an effect on your credit rating and
·
your future facility applications.
8.
·
Do I need any Takaful coverage?
Yes. A Group Credit Term Takaful (GCTT) is required. The takaful coverage is compulsory as it will cover the outstanding amount in circumstances of death or
total permanent disability. Takaful policy is required to be taken from our panel of Takaful providers or other takaful companies of your choice approved by MBSB.
The contribution amount deducted upfront from the financing amount. MBSB also offers optional Banca Takaful products. Banca Takaful product is compulsory for
Personal Financing-i product bundling packages and will not be applicable for packages without product bundling. It will also be subject to renewal.
9. What if I fully settle the financing before its maturity?
·
You will need to pay the outstanding balance and any amount due payable to MBSB. In case of early settlement of the facility, an Ibra (rebate) adjustment will
be done by MBSB based on the resolutions issued by Shariah Advisory Council of Bank Negara Malaysia (BNM).
● MBSB shall grant Ibra’ to the customer where there is :
i. Early settlement or early redemption of the Facility; or
ii. Settlement of the original financing contract due to financing restructuring exercise; or
iii. Settlement by Customer in the case of default; or
iv. Settlement by Customer in the event of termination or cancellation of financing before the maturity date.
● The ibra' (rebate) is calculated in accordance to the formula below:
Ibra' at settlement
=
Deferred Profit - Early settlement charges
Settlement Amount
=
Outstanding selling price + Instalments due+ Late payment charges – Adjustment on ibra’ due to
fluctuations of Effective Profit Rate (EPR) (if any) – Ibra’ at settlement
10.
What are the major risks?
·
In the event of change in BFR, your monthly instalment will be fixed throughout the tenure and the adjustment would be made in your final instalment.
Should you encounter any difficulty in meeting your obligations, please contact us in advance to discuss payment alternatives. This is to avoid any legal action
·
being commenced against you if you are unable to pay your monthly payment
11.
Do I need a guarantor or collateral?
·
No guarantor or collateral is required.
12.
What do I need to do if there are changes to my contact details?
It is important that you inform us of any change in your contact details to ensure that all correspondence reaches you in a timely manner. Please contact 1800·
88-4000 or visit the nearest MBSB branch to update the change(s)
12. Where can I get assistance and redress?
If you have difficulties in making payments, you
·
should contact us earliest possible to discuss payments
alternatives. You may contact us at:
Retail Collection and Management Division,
9th Floor, Menara MBSB,
46, Jalan Dungun,Damansara Heights,
50490 Kuala Lumpur
No. Tel : 03-2082 8000
No. Faks : 03-2092 1035
If you wish to complain on the products or services provided by us, you may contact
·
us at :
Customer Relationship Management
7th Floor, Wisma MBSB,
48, Jalan Dungun, Damansara Heights,
50490 Kuala Lumpur,
Tel. No.
: 1 800 88 4000
E-mail
: enquiry@mbsb.com.my
14. Where can I get further information?
·
Should you require additional information on MBSB Personal Financing-i, please visit our website www.mbsb.com.my or contact us at:
Personal Financing –i Sales Department,
Retail Business Division,
10th Floor, Menara MBSB,
46, Jalan Dungun, Damansara Heights
50490 Kuala Lumpur
Tel
: 03-2082 8000 / 1800-88-4000
Fax
: 03-2096 1063
IMPORTANT NOTE:
LEGAL ACTION MAY BE TAKEN AGAINST YOU IF YOU FAIL TO PAY THE MONTHLY INSTALMENTS OF YOUR PERSONAL
FINANCING-I FACILITY
The information provided in this disclosure sheet is valid as at
19 December, 2014
CUSTOMER'S ACKNOWLEDGEMENT
I/We acknowledge receipt and understand this Product Disclosure Sheet ("PDS") and confirm to MBSB that the terms and conditions contained in this PDS are
acceptable to me/us.
Name:
Name:
NRIC :
NRIC :
Date :
Date :