"PROTECTING YOUR BUSINESS AGAINST CURRENCY FLUCTUATION"
Maybank Islamic Berhad is the first in Malaysia to introduce an Islamic On-shore Foreign Currency
Financing (OFCF-i), a new Shariah-compliant Foreign Currency financing product. In line
with Malaysia's aspirations to make the country the regional hub for Islamic banking, we have
undertaken a phased roll out of range of products and services to provide financial solutions
to our business customer. Blending relationship banking with innovative ideas, we work closely
with you to understand your business and develop practical and tailored solutions to assist you
in achieving your business goals without compromising the guidelines set by Shariah advisors.
The business world demands diverse and unique financial solutions and we accommodate these with
a full range of banking and financial solutions.
| Why OFCF-i |
| • |
Economical
OFCF-i offers lower financing / profit rate based on the inter bank rate / cost of
fund which is normally lower than Base Lending Rate (BLR) |
| • |
Risk Protection
OFCF-i reduces the foreign currency exchange risk by matching the OFCF-i with the
export proceeds |
| • |
Flexible and convenient
OFCF-i provides financing in foreign currency required by customer with an option
to debit Foreign Currency Account (FCA) upon financing maturity |
| • |
Holistic Solution
OFCF-i offers Shariah concepts of Murabahah (cost-plus sale) for
importation of goods and Bai-al-Dayn (sale of debt) for exportation of goods to suit
ethical preferences of our business customers |
Eligibility
Business enterprises that require foreign currency financing
| Salient features of OFCF-i |
| • |
Minimum financing for each transaction to be USD30,000 (or its RM equivalent
in foreign currency) |
| • |
No maximum limit |
Type of Currency
US Dollar, EURO, Japanese Yen, Swiss Francs, British Pound , Australian Dollar, Brunei Dollar,
Canadian Dollar, New Zealand Dollar, Singapore Dollar or other currencies as determined by our
Treasury
Period of Financing
Minimum of 14 days and maximum of 180 days for all currencies
| Pricing |
| • |
US Dollar: SIBOR plus a spread |
| • |
Other Currencies: Cost of Fund plus a spread |
Differences between OFCL and OFCF-i
No |
OFCL |
OFCF-i |
1 |
Goods transacted may not be 'halal' and permissible
according to Shariah |
Goods transacted must be 'halal' and permissible according
to Shariah |
2 |
Interest based loan |
Financing based on Sale contract |
3 |
No execution of contract note |
Subject to execution of contract note (to reflect sale and purchase) |
4 |
Overdue trade bill will attract compounding interest |
Overdue trade bill may be charged (ta'widh) compensation
fee |
We offer you the most competitive foreign currency exchange rates and flexibility in managing
your foreign exchange positions based on Islamic principles.
For further information, please visit your nearest Commercial Business Centre or Trade Finance
Centre or Corporate Investment Banking.
Or contact:
•
03-2074 8199 (for Commercial Business Centre)
• 03-2074 7998 (for Trade Finance Centre)
Questions? Our FAQ may help.
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