Bank Rakyat's Bridging Financing-i allows customers to purchase land for development based on Shariah principal. The package offers customers up to 50% financing of land cost, thus allowing companies to utilize their available funds for other purposes.
Bridging Financing-i is based on Bai' Al-Istisna which is similar to Murabahah except the subject matter of sale is to be constructed or manufactured, and payments are made in stages to facilitate the progress.
Eligibility : All business entities such as private limited companies and co-operatives.
Concept : Tawarruq
Purpose : To purchase land for project and to finance development of project.
Margin : Up to 50% of land purchase price
Up to 40% of development cost,
Up to 60% of total development cost.
Tenure : Maximum 6 months upon project completion.
Fee and Charge
|Charge and Service for Individuals|
|Stamp Duty Fee||NIL|
|Early Settlement Fee||Rebate (Ibra’) will be given on the deferred profit|
|Commodity Trading Fee||RM15 will be charged for every RM1 Million (50:50 sharing basis). Minimum transaction is RM1,000.|
|Late Payment Charges||*During the financing period : 1% per annum on top of the outstanding payment *After the financing tenure expired : Shall not be more than the prevailing daily overnight Islamic Interbank Money Market rate (IIMM) on the outstanding balance.|
Additional Documents Required
- Approval from the relevant authority on proposed development.
- Feasibility and marketability study on proposed development.
- A valuation report of project land to be charged as security.
- Copy of Sale & Purchase Agreement of project land.
- Past track record.
- List of consultants & contractors.