The financing facilities are under the Shariah principles of Murabahah (by adopting Tawarruq practice) where based on Wa’d from customers, the Bank will purchase commodities from commodity suppliers and subsequently sell commodities to customers based on Murabahah contract at selling price (commodity cost with profit) by deferred and then, as a customer’s agent, the Bank sells it to third party buyers in cash. Cash proceeds from these third-party buyers will be deposited in the dedicated account to enable customers to make transactions for the purchase of goods or other services.
1. Main Features
2. Additional Features:
3. Profit rate under Credit Card-i Tiered Pricing is applicable after 3 years
Tier | Criteria | Yearly Profit Rate |
Tier 1: Minimum payment received before or on the Due Date for 9 months consecutively. | Non-Bank Rakyat Share Member Bank Rakyat Share Member | 13.5 % 13.0 % |
Tier 2: Minimum payment received before or on the Due Date for 6 months or more within 9 months period. | Non-Bank Rakyat Share Member Bank Rakyat Share Member | 17 % 15.5 % |
Tier 3: Does not meet the above conditions for Tier 1 and Tier 2. | Non-Bank Rakyat Share Member Bank Rakyat Share Member | 18 % 17% |
5. Rakyat Rebate
The rebate schedule as per below:
Items | Year 1 | Year 2 | Year 3 |
Auto debit facility | 0.5% | 0.5% | 0.5% |
Good paymaster | 1.0% | 1.0% | 1.5% |
Other financing facilities at Bank Rakyat | 0.5% | 1.0% | 1.0% |
Total Rebate (Rakyat Rebate) | 2.0% | 2.5% | 2.5% |
Profit rebate earned from Rakyat Rebate will be offset against principal outstanding balance on statement date.
1. Principal: Minimum 21 years old
2. Supplementary: Minimum 18 years old
3. Annual Income: Minimum RM24,000
Documents required :
Government Servants :
Private Sector Employees :
Monthly Salary with Commission Base :
NO Basic Pay, solely on Commission Base :
Self Employed :
Expatriate :
Pensioner :
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