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    PDS Business Credit Card I Facility 131016

    Uploaded by

    Megat Kamarul
    The document provides information about the Bank Islam Business Credit Card-i (BIC-i) facility. It summarizes key details about the product including what it offers, applicable Shariah concept, obligations, fees and charges, and risks. The BIC-i is designed for corporate and commercial customers to manage business expenses. It uses the Tawarruq Shariah concept and offers benefits like waived annual fees and travel takaful coverage. Cardholders are obliged to make minimum monthly payments and ensure lawful and Shariah compliant use. Fees include charges for card replacement and sales drafts. Major risks include longer repayment periods if only minimum payments are made and liability for unauthorized transactions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    PDS Business Credit Card I Facility 131016

    Uploaded by

    Megat Kamarul
    80 views3 pages
    The document provides information about the Bank Islam Business Credit Card-i (BIC-i) facility. It summarizes key details about the product including what it offers, applicable Shariah concept, obligations, fees and charges, and risks. The BIC-i is designed for corporate and commercial customers to manage business expenses. It uses the Tawarruq Shariah concept and offers benefits like waived annual fees and travel takaful coverage. Cardholders are obliged to make minimum monthly payments and ensure lawful and Shariah compliant use. Fees include charges for card replacement and sales drafts. Major risks include longer repayment periods if only minimum payments are made and liability for unauthorized transactions.

    Original Description:

    Business Credit Card i bank islam

    Original Title

    PDS Business Credit Card i Facility 131016

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    The document provides information about the Bank Islam Business Credit Card-i (BIC-i) facility. It summarizes key details about the product including what it offers, applicable Shariah concept, obligations, fees and charges, and risks. The BIC-i is designed for corporate and commercial customers to manage business expenses. It uses the Tawarruq Shariah concept and offers benefits like waived annual fees and travel takaful coverage. Cardholders are obliged to make minimum monthly payments and ensure lawful and Shariah compliant use. Fees include charges for card replacement and sales drafts. Major risks include longer repayment periods if only minimum payments are made and liability for unauthorized transactions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    80 views3 pages

    PDS Business Credit Card I Facility 131016

    Uploaded by

    Megat Kamarul
    The document provides information about the Bank Islam Business Credit Card-i (BIC-i) facility. It summarizes key details about the product including what it offers, applicable Shariah concept, obligations, fees and charges, and risks. The BIC-i is designed for corporate and commercial customers to manage business expenses. It uses the Tawarruq Shariah concept and offers benefits like waived annual fees and travel takaful coverage. Cardholders are obliged to make minimum monthly payments and ensure lawful and Shariah compliant use. Fees include charges for card replacement and sales drafts. Major risks include longer repayment periods if only minimum payments are made and liability for unauthorized transactions.

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    © All Rights Reserved
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    Download as pdf or txt
    of 3

    PRODUCT DISCLOSURE SHEET

    IMPORTANT: READ THIS PRODUCT


    BANK ISLAM BUSINESS CREDIT CARD-i
    DISCLOSURE SHEET BEFORE YOU
    (BIC-i Facility)
    DECIDE TO APPLY THE BANK ISLAM
    Sept 2016
    BUSINESS CREDIT CARD-i. BE SURE TO
    ALSO READ THE TERMS AND
    CONDITIONS.

    1. What is this product about?


    BIC-i Facility is a product designed for the Banks Corporate & Commercial customers to cater for their business
    needs.
    The product offers you the convenience to better manage business expenses incurred by your employees who are
    nominated as authorised cardholders

    2. What is the Shariah concept applicable?


    The Shariah concept used is Tawarruq.

    It is the purchase of a commodity on deferred payment basis. The commodity is then sold by the purchaser for cash for a
    party other than the original seller. Tawarruq concept is further described as below:

    The customer purchases the commodity from the Bank on Murabahah basis at the Banks Sale Price. In this arrangement,
    the purchase will be performed by the Bank as the Purchase Agent for the customer. As the Sale Agent for the customer, the
    Bank shall sell the commodity to a commodity purchaser at cost price. Proceeds from the transaction will be credited for
    customers utilisation. The customer is obliged to pay the amount due from the Murabahah transaction as per the agreed
    terms.

    3. What do we get from this product?


    The BIC-i Facility offers to you are as follows:

    Annual Fee Waived


    Three (3) times complimentary access to Plaza Premium Airport Lounges per year (per card)
    Up to RM2 Million Travel Takaful Coverage
    Up to RM10,000 Purchase Protection Takaful Plan

    Transaction Type Annual Rate

    13.5% (Tier1) With prompt settlement of the minimum payment due for 12
    consecutive months.
    Profit Rates Purchase
    16.0% (Tier 2) Make 10 or 11 times prompt payments in the last 12 months.

    17.5% (Tier 3) Make 9 or less prompt payments in the last 12 months.


    To enjoy lower profit rates for retail transactions, you should make at least 10 prompt payments in the last 12 months.

    Note: Benets are subject to change from time-to-time with notice.


    Visit www.bankislam.com.my for latest promotion update.

    4. What are our obligations?

    You shall pay a minimum payment due of 5% from the outstanding balance or a minimum
    Minimum monthly payment of RM50 whichever is higher or up to total outstanding amount on or before the payment
    due date as stipulated in the BIC-i Facility Statement
    For Cardmember
    You are liable to ensure usage of the Card-i by your authorized cardholder is for the
    purpose allowed by you and the transactions which are legally acceptable and Shariah
    Compliant
    To ensure compliance with the Business Credit Card-i Facility Terms and Conditions
    To ensure its authorized cardholders comply with the Business Credit Card-i Facility
    Terms & Conditions
    To notify the Bank in writing within 14 days from the date of the BIC-i Facility Statement
    Usage of the Card-i should there be any disputes or discrepancies.

    For Authorised Cardholder


    To ensure the Card-i is used for transactions allowed by the company and which are
    legally acceptable and Shariah compliant
    To safeguard the Card-i & PIN. The authorised cardholders are advised not to disclose
    the Card-i details or PIN to any other third party
    To ensure compliance with the BIC-i Facility Terms & Conditions
    To immediately notify the Bank for any loss or stolen card.

    For retail transactions - 20 days from the posting date, if you pay the balance in full and on
    time.
    Grace Period
    If you do not pay in full and on time, profit payable on retail transactions that Bank Islam
    may charge will be calculated from the posting day of the transaction.

    5. What are the fees and charges do we have to pay?


    Card-i replacement fee RM50 (this charge is out of scope of Goods and Services Tax Act 2014).
    Original RM15.90 per draft.
    Sales draft retrieval fee
    Copy RM5.30 per copy.
    Additional statement request
    RM5.30 per copy per request.
    fee
    Overseas transaction
    Subject to VISA /MasterCard conversion rate at that particular time.
    conversion fee
    Over limit compensation fee /
    None.
    charge
    Other fees and charges Please refer to the website for the products/services related fees and charges.

    Note: Unless expressly stated herein, you agrees that the Bank shall be entitled to charge a fee for any of its services provided to
    the you at the rates imposed by the Bank (as approved by Bank Negara Malaysia and subject to the Shariah rulings and policy
    documents) and as set out in the PDS and/or at the Banks website. The fees/charges are inclusive of 6% Goods and Service
    Tax (GST) where applicable.

    6. What if we failed to fulfill our obligations?


    Late payment charges (in compliance with BNM Credit Card-i Guideline) of 1% from the outstanding balance or a
    minimum of RM5 whichever is higher or a maximum of RM50 may be imposed by the Bank.
    Any credit balance may be set-off in your deposit and/or investment account maintained with the Bank against any
    outstanding balance in this Bank Islam Business Credit Card-i account.
    Bank Islam has the right to cancel or suspend any card issued and/or terminate the BIC-i Facility and thereafter
    proceed with any action to recover the outstanding amount under the facility.

    7. What are the major risks?


    If you pay only the minimum amount due, it will take you longer and cost you more to settle the outstanding balance.
    Think about your payment capacity when charging the Bank Islam Business Credit Card-i.
    If you have problems paying for your Bank Islam Business Credit Card-i balances, contact us early soonest possible to
    discuss on other payment alternatives.
    Liability for unauthorized transactions may be limited to RM250. However, Liability for loss may exceed the maximum
    amount of RM250 if you are found to have acted fraudulently or failed to inform Bank Islam as soon as reasonably
    practicable after having knowledge your card is lost or stolen card.
    Late payment charges will be imposed if you failed to make minimum payment on or before the due date as stated in the
    statement.

    8. What do we need to do if there are changes to our contact details?


    It is important that you inform us of any change in your contact details to ensure that all correspondences reach you in a timely
    manner.

    9. Where can we get further information?


    Should you require additional information about the product, please refer to the banking info booklet, available at all our branches
    and the www.bankinginfo.com.my website.

    If you have any enquiries, please contact us at:

    Bank Islam Card Centre


    Level 24, Menara Bank Islam,
    No 22, Jalan Perak, 50450 Kuala Lumpur
    Telephone: 03-2726 7666
    Fax: 03-2726 7606
    E-mail: [email protected]
    Website: www.bankislam.com.my

    If you wish to complaint on the products or services provided by us, you may contact us at:

    Contact Centre & Feedback Channel


    Bank Islam Malaysia Berhad
    th
    17 Floor, Menara Bank Islam
    No 22, Jalan Perak,
    50450 Kuala Lumpur
    Tel: 03-2690 0900
    Fax: 03-2782 1337
    Email: [email protected]

    If your query or complaints is not satisfactorily resolved by us, you may contact Bank Negara Malaysia LINK or TELELINK at:

    Block D, Bank Negara Malaysia,


    Jalan Dato Onn,
    50480 Kuala Lumpur.
    Tel: 1-300-88-5465
    Fax: 03-2174 1515
    Email: [email protected]

    IMPORTANT NOTE: LEGAL ACTION MAY BE TAKEN AGAINST YOU IF YOU DO NOT
    KEEP UP PAYMENTS ON YOUR BUSINESS CREDIT CARD-i BALANCE
    The information provided in this disclosure is valid as at Sept 2016

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