Import Financing Facility-i is a facility to Malaysian owned or controlled companies which trades in both exports and domestic markets that demands specialized finished or intermediary goods that are unavailable in Malaysia. Eg, high-tech instruments, calibration instruments, specialized medical equipment.
The purpose of Import Financing-i facility is to finance imports of Halal capital goods, raw materials and related goods for the development, upgrading expansion of infrastructure facilities or other expenses related to client’s business activities.
The import order may be supported by Letter of Credit or purchase order/contract.
The financing shall include assets financing, resources-based or non-resourced goods which include:
- Agriculture products and manufactured goods
- Construction materials and
- Fabrication materials that are related to the importers business
Facility may be for short, medium or long term.
Facility / Product: Import Financing-i
Shariah Principle: Murabahah, Ijarah, Kafalah or any other applicable Islamic concept approved.
- Mode of Financing: Term / Revolving
- Margin of Financing: Up to 90% of import order value
- Currency: Ringgit Malaysia, United States Dollars, Euro and other acceptable currency
- Tenure: Subject to yearly review. The facility maybe term or revolving.
- Profit Rate: Cost of fund plus spread. The spread shall be based on risk rating of the company and other non quatitative considerations.
Security: Any but not limited to the followings:-
- Corporate Guarantee
- Shareholders and /or Directors guarantee
- Landed property
- Change of fixed floating assests of customer
- Assignment of Takaful /Insurance policies, agreements, contract proceeds, right and benefits
Disbursements: Direct to the overseas suppliers or exporters