BANK RAKYAT : PAWN BROKING-i AR-RAHNU

Tuesday, June 22, 2010

This scheme provides a source of immediate financing to assist individuals in overcoming cash-flow needs.

Concept Al-Wadiah and Qardhul Hassan

Eligibility Malaysian citizens aged 18 years and above and permanent residents Non citizens Not bankrupt

Quantum of Financing Financing up to 70% of the pawned gold value (Marhun value) Each pawned item not exceeding RM10,000.00 per day and a cumulative amount not exceeding RM50,000.00.

Repayment Period Financing tenure : 6 months only Extension period : 6 months (mutiple extensions) subject to settlement of safe keeping fee for the past 6 months

Pawn Products Gold jewellery 18K - 24K

Fees A minimum fee is charged for the safekeeping of the valuables.

Type of Scheme Financing Amount Safekeeping fee for every RM100.00 of gold value per month Ar-Rahnu RM100.00 - RM1,000.00 RM1,001.00 - RM10,000,00 RM0.65 RM0.75 Az-Zahab RM10,001.00 - RM100,000.00 RM0.75

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AGROBANK : Ar Rahnu Scheme

Agrobank provides credit services based on Syariah Al-Qard principal, which is loans amounted at RM 10,000 needs to be pay back at RM 10,000. Credit given must have an item pawned or kept by the bank. A pawned /kept item that is used in this process is in the form of jewelleries or gold wafers. These pawned items are kept by the bank based on the Al-Wadiah Yad Dhamanah and are ensured of its safety. Pawned/kept items will be charged with some service fee.

Terms & Conditions

• Open to all individual or non-individual who is Malaysian citizens.
• Aged 18 years old and above

Limitations

• Maximum RM 50,000 ( RM 10,000 per day )
• Minimum RM 100

Period of Services

• 6+3+2 months (The period for the first service is for 6 months, and can be extended to 3 months more and another final extension for 2 months more)

Types of Pawned Items Accepted

• All types of jewelleries made in gold, such as: rings, hand and legs bracelets, brooches or others.
• Pound Gold and White Gold are not accepted.

Storage Fees

 





Redeeming Pawned / Kept Items

• Redemption can be made in stages or at once or anytime before or after the deadline.
• depends on the latest amendment of the bank policies

Advantages of Ar-Rahnu Schemes

• Financing through Syariah law
• Fast, Easy and Secure. Kept items are ensured of its safety.
• Cheaper than conventional prawn services
• Storage fees are static until full redemption
• Longer pawn/kept period
• No penalties
• Balances of the auction will be returned to the customer.

Guidelines
 
Application

• Fill up the forms at the Ar-Rahnu counters
• A copy of National Identification Card
• The jewelleries that are being pawned.
• Send to Ar-Rahnu counter for processing and get instant cash.

Installment Payment

• Pay directly to the teller at the counter by only showing the Pawned Letters (Surat Gadaian).
• Unlimited payment times

Full Redemption

• Bring along pawned letters with full redemption payment
• A representative should provide the pawned letters along with the customer’s IC
• Extention of the payment
• Bring the Pawned Letters and storage fees

Lost of Pawned Letters

• Bring the certification letters (Surat Akuan Sumpah) that are certified Pesuruhjaya Sumpah and a copy of Pawned Letters will be given without additional fees.

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