Malaysian importer can make avail a Shariah compliant Import Financing-i (IF-i) facility for goods or asset which is strategic to the Malaysian economy.
The purpose of Import Financing-i is to finance imports of “strategic goods” consisting of Halal capital goods, raw materials and related goods for the development, upgrading expansion of infrastructure facilities or other expenses related to client’s business activities which will ultimately reduce dependency on imports and also for government initiatives projects.
The Shariah contracts / concepts applicable to Import Financing-i are:
* Whichever applicable
- Malaysian owned or controlled company incorporated in Malaysia
- A joint venture between a Malaysia and foreign company with Malaysian owning not less than 51% of the joint venture company
Detailed information can be referred to Product Disclosure Sheet
Margin of financing is up to 90% of import order value.
Tenor is subject to yearly review. The facility may be revolving or term of up to 10 years.
At cost of fund-i plus spread. The spread shall be based on risk rating of the company and other non-qualitative considerations.
Ringgit Malaysia, United States Dollars, Euro and other acceptable currency.
At maturity of each financing period.
Direct to the overseas suppliers or local agent or Importers (on reimbursement).
Against but not limited to the following:
- Corporate Guarantee
- Shareholders and/or Director Guarantee
- Landed Property
- Charge of fixed floating assets of customer
- Assignment of Takaful/Insurance policies and contract proceeds
Processing fee of 1.0%* of the financing amount.
(*) subject to Terms and Conditions. Not applicable to SME.