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1. What is this product about? 8. What if I fully settle the financing before its maturity?
This is an unsecured personal financing calculated on a flat rate Rebate/Ibra’ will be provided to you if the financing is fully settled
basis. The Facility shall first be used to fully settle any of your existing before its maturity.
Xpress Cash Financing-i with the Bank before the balance of the Calculation of Rebate/Ibra’ :
Facility (if any) is disbursed to you.
Payable Amount after
2. What is the Shariah concept applicable? Ibra’ Calculation
The Shariah concept applied is Bai’ ‘Inah which means a contract Ibra’ Calculation
of sale and purchase of an asset whereby the seller sells to buyer in Rebat (Ibra’) = [n(n+1) / N (N+1)] x PM Payable Amount :
deferred payment or installment(s) and subsequently buys back the
asset from the same buyer in cash. n = Remaining months Outstanding Bank’s
to maturity Sale Price + Ta’widh
3. What do I get from this product?
N = Total Tenure of Financing + Other costs - Ibra’
Bank’s Sale Price : RM in Months
Total Amount Financed : RM PM = Total Profit Margin
Profit Rate : % p.a. (It ranges from 18% - 24%)
Sample Calculation :
Tenure : months Early Settlement in 20 months
*Please note Bank’s Sale Price, Total Amount Financed and Profit Rate Financing Amount : RM5,000
above are indicative only. The final approved Bank’s Sale Price, Total Outstanding Bank’s Sale Price : RM7,320
Amount Financed and Profit Rate may vary from the above and are Tenure : 5 years (60 months)
subject to the Bank’s approving criteria. The final approved Bank’s Sale Profit Rate : 24%
Price, Total Amount Financed and Profit Rate will be notified to you.
n = 60 - 20 = 40 / N : 5 years (60 months) /
Effective profit rate : It ranges from 28.88% p.a. to 41.70% p.a. PM = (RM5K X 24% X 5) : RM6,000
depending on financing tenure
Rebate (Ibra’) :
4. What are my obligations? [ 40 (40 + 1) / 60 (60 + 1) ] X RM6,000 = RM2,688.52
Your monthly instalment : RM Total payable amount after Ibra’ :
The total amount at the end of (t) years is : RM RM7,320.00 - RM2,688.52 = RM4,631.48
*Please note your monthly instalment and the total amount at the 9. Do I need a guarantor or collateral?
end of (t) years above are indicative only. The final approved monthly No guarantee or collateral is needed.
instalment and the total amount at the end of (t) years may vary from
the above and are subject to the Bank’s approving criteria. 10. 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
5. What other charges do I have to pay? to ensure that all correspondences reach you in a timely manner.
Stamp Duty 11. Where can I get assistance and redress?
As per the Stamp Duty Act 1949 (Revised 1989) :
RM If you have difficulties in making payments, you should contact
*Please note the stamp duty above is indicative only. The final stamp us earliest possible to discuss payment alternatives. You may
duty payable may vary from the above depending on the Total Amount contact us at :
Financed approved by the Bank. CIMB Islamic Bank Berhad - Customer Resolution Unit
6. Do I need any Takaful coverage? P.O. Box 10338, GPO Kuala Lumpur,
50710 Wilayah Persekutuan
You may choose to obtain Sun Life Xpress Cash Protector-i Plan
underwritten by Sun Life Malaysia Takaful Berhad or obtain your own Tel : +603 6204 7788 E-mail : cru@cimb.com
Takaful Coverage from other Takaful companies acceptable to the
Bank, but it is not a requirement. If you do opt for Takaful coverage, the Alternatively, you may seek the services of Agensi Kaunseling
Takaful contribution payable shall be deducted from the financing. dan Pengurusan Kredit (AKPK), an agency established by Bank
Negara Malaysia to provide free services on money management,
7. What if I fail to fulfill my obligations? credit counselling, financial education and debt restructuring for
• During facility period prior to maturity: Compensation (Ta’widh) will individuals. You can contact AKPK at :
be charged at 1% p.a. on the instalments amount in arrears. Tingkat 8, Maju Junction Mall, 1001, Jalan Sultan Ismail,
• If Facility is recalled prior to maturity, Compensation (Ta’widh) will 50250 Kuala Lumpur.
be charged at 1% p.a. on the outstanding amount up to the day Tel : +603 2616 7766 E-mail : enquiry@akpk.org.my
payment is made or a day before judgment is obtained, whichever
earlier.
If you wish to complain on the products or services provided by us,
• After facility period beyond the maturity: Compensation (Ta’widh) you may contact us at :
will be charged at the prevailing Islamic Interbank Money Market
Rate on the balance Bank’s Sale Price. CIMB Islamic Bank Berhad - Customer Resolution Unit
• We may set-off any credit balance in your account maintained with P.O. Box 10338, GPO Kuala Lumpur,
us against any outstanding balance in this financing account by 50710 Wilayah Persekutuan
giving you seven (7) calendar days’ prior notice. Tel : +603 6204 7788 E-mail : cru@cimb.com
• Legal action against you may affect your credit rating leading to
credit being more difficult or expensive to you. If your query or complaint is not satisfactorily resolved by us, you
may contact Bank Negara Malaysia LINK or TELELINK at :
Blok D, Bank Negara Malaysia, Jalan Dato’ Onn,
50480 Kuala Lumpur
Tel : 1 300 88 5465 Fax : +603 2174 1515
E-mail : bnmtelelink@bnm.gov.my
IMPORTANT NOTE:
I. PURCHASE OF TAKAFUL IS OPTIONAL AND NOT A REQUIREMENT FOR ACQUIRING THIS PRODUCT.
II. LEGAL ACTION MAY BE TAKEN AGAINST YOU IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR
PERSONAL FINANCING.
III. SHOULD YOU REQUIRE FURTHER CLARIFICATION ON THIS PRODUCT DISCLOSURE SHEET, PLEASE
REFER TO OUR BANK PERSONNEL.
The information provided in this product disclosure sheet is valid as at Version October 2019
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