Business Products

Micro Financing-i / Micro Enterprise Fund (MEF)
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Product disclosure sheet

Types of financing

  • Direct funding for cooperative members / Hawkers & Peddlers Society.
  • Conduct a micro enterprise
  • Required to participate Self Help Group (SHG)*.
  • Profit rate 8.25% in flat rate.
  • Bank Negara Malaysia's approval needed.
  • Syariah Concept : Tawarruq
  • Takaful Coverage Protection
  • No Collateral
  • No Guarantor
  • Financing tenure of 5 years

*SHG is an individual group that consist of 5 to 10 pax.

Type of Business

Financing is offered for the cooperative members/Hawkers and Peddlers Society that venture the business as follows:

  • Wholesale and retail business
  • Manufacturing
  • Service
  • Other sectors that approved by Bank Rakyat.

Eligibility

  • Malaysian.
  • Cooperative members / Hawkers & Peddlers Society
  • Sole proprietor, partnership, private limited company.
  • 18 years old and not exceeding 65 years old when the financing tenure expires.
  • Residing in the business operation area.
  • SHG members with good repayment record (backlog payment not more than 4 weeks).

Maximum Financing

RM 1,000 - RM 50,000

Payment Method

  • Savings Account deduction
  • At ATM / CDM

Financing Scheme

  • Profit rate 8.25% in flat rate.
  • Bank Negara Malaysia's approval needed.

Profit Rate

8.25% Flat Rate Per Annum

Fee and Charge

Charge and Service for Individuals
Transaction Charge

Compensation Charges (Ta'widh):

During the financing period:
1% per annum on top of the outstanding payment

After the financing tenure expires
Based on the Current Rate of Islamic Interbank Money Market (IIMM) on top of the outstanding principal balance

Wakalah or Agency Fee Wakalah or agency fee of RM28.30

Product Disclosure Sheet

For further information, you may visit our nearest branches or call our tele-Rakyat Contact Centre at 1-300-80-5454

* Subject to terms and conditions