2. SHARIAH CONCEPT
• Al-Qardh :
A loan agreement between the Bank and Customer, where Customer wishes to apply
loan from the bank with consideration to pledge his / her gold jewellery as collateral.
• Ar-Rahn :
The bank taking a valuable asset pledged as collateral for a loan granted. In the event
of default, the asset pledged will be auctioned to recover the loan.
• Al-Ujrah :
The Bank charges a reasonable safe keeping fee for keeping the gold jewellery in safe
condition during the loan tenure.
• Wadiah Yad Amanah
The Bank promises to keep the gold jewellery in safe custody during the loan period
and the Bank will be responsible to replace the gold jewellery to Customer if the
jewellery goes missing or stolen. The amount of cash to be paid by the Bank to the
Customer will be based on the current market value of the said gold.
If it is not due to Bank’s negligence, the Bank is not required to replace the gold
jewellery.
3. Jewellery
RM 1,532.53
RHB-Islamic
Bank
SERIPAH
(Borrower)
4.
Ar Rahnu Facility-i - RHB
2.
1.
3.6.
5.
6. Once the full settlement amount of the loan and the safekeeping fees (if
any) is received, Bank will return the gold jewellery and provide Notification
Letter within one (1) week from the redemption date to the Customer.
5. On maturity date, Customer pays the loan amount together with the
safekeeping fees (if any).
4. Customer pays the safekeeping fees on monthly basis or lump sum basis
upon maturity date or redemption.
3. Bank receives the jewellery as the collateral (Rahn) for the loan and
safekeep it based on Wadiah Yad Amanah (safekeeping) and charging
Customer for the safekeeping fees.
2. Bank provides loan to the Customer based on Qardh Hassan.1. Customer approaches RHBIB seeking loan and offers his gold jewellery
as collateral to ensure payment.
4. • Free interest based loan
- there are no charges of interest or other charges
on the loan.
-customer charged on the safekeeping of the jewellery
ONLY.
• Do not need guarantor for this agreement.
-It will bring ease to applicant to apply this loan.
• Takaful Coverage
-The jewelleries kept in the branch for safekeeping
are covered by Takaful provider.
Positive Issue
5. Negative Issue
• Ujrah fee charge
-bank charge customer over than actual fee.
-actual fee :
(Marhun value ÷ 100) x fee x month
(Rm 1532.53 ÷ 100) x 0.6 x 6
= Rm 55.17
-Bank had charge Rm 2.43 extra!
Marhun Value Monthly Custodial Fee
RM 100- RM 2000 RM 0.60
RM 2000.01 – RM 5,000 RM 0.70
RM 5,000.01 onwards RM 0.80
6. • Customer failure
- Bank has the right to auction the jewelry in discount.
-The benchmark price for the tender are as follows:-
*it will give some losses to the customer
Tender Benchmark
1st Tender 5% lower than the Market Value
2nd Tender 10% lower than the Market Value
3rd Tender 10% lower than the 2nd tender value
7. • In the event of death, bank has the right to sell the jewelry.
