What is meant by credit takaful?
What are the credit takaful products that EXIM Bank offers?
- Trade Credit Takaful
- Bankers Trade Credit Takaful
- Specific Takaful
- Overseas Investment Takaful
Who is eligible to apply for the credit takaful products?
- Malaysian incorporated companies registered under Companies Act 2016 inclusive of Banks and other Financial Institutions e.g. factoring companies.
- The exporter must indulge in export business. There shall be no minimum volume.
- Minimum of 2 years in operation.
- No adverse track record in the credit database.
- Minimum paid up capital of RM100, 000.
- Evidence of export during the previous 12 months
- Islamic Financial Institutions (IFIs) against risk of non-payment by their exporters arising from default by the overseas buyers.
- Malaysian contractors and manufacturers who undertake contracts for export of capital goods, turnkey projects, construction works, or rendering of services abroad.
- Companies incorporated in and have their principal business in Malaysia including Financial Institution which finances Overseas Project/Investment.
Who needs the credit takaful?
- Malaysia exporters
- Malaysia contractors
- Malaysia investors
What are the acceptable payment terms for the credit takaful?
- Irrevocable Letter of Credit (ILC)
- Documents Against Payment (DP)
- Documents Against Acceptance (DA)
- Open Account (OA)
What are the Shariah contracts used in the credit takaful?
Which countries are listed under the off-cover countries?
- North Korea
How can I apply for the credit takaful products?
Why do I need credit takaful?
- Peace of mind as payment is assured
- Enable Malaysian exporters to seek new markets
- Share of investment profits
How much does it cost to apply for the credit takaful?
How long does it take for EXIM Bank to process and communicate the decision on the credit takaful application?
- Medium-long term credit takaful: 45 days
- Short-term credit takaful: 15 days