Sunday, April 19, 2009

Bank Islam offers deferment scheme

Bank Islam Malaysia Bhd is offering a 12-month installment deferment scheme for home financing customers who have been retrenched from July 1, 2008. This deferment scheme, called Ehsan programme, is tailored specifically to offer relief to the bank’s financing-i customers who have been affected by the current economic slowdown by easing their financial burden.
Bank Islam managing director Datuk Zukri Samat said, "Buying a home is one of the biggest financial decisions that most individuals make in their lifetime.
The bank recognises the financial predicament faced by those who have lost their jobs and their need to ride through this rough patch and hoped this special scheme will give them respite." In terms of policy, this scheme is actually a rescheduling of financing accounts under the performing accounts portfolio.
It also complements the bank’s on-going Rescheduling and Restructuring (R&R) exercise for delinquent and non-performing accounts of financing products, Zukri said last Friday. However, customers must meet some requirements to qualify for the deferment scheme.
Firstly, the customer must present a retrenchment letter, effective July 1, 2008 onwards, from his former employer. Secondly, the customer’s current home financing account must bear ‘performing’ status and lastly, the deferment of the installment payment will take effect from the date of approval from the bank. (The Malaysian Reserve, April 13, 2009)

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