SPECIFIC TERMS AND CONDITIONS FOR TERM DEPOSIT-i BASED ON TAWARRUQ (Effective Date: 2 April 2018)
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1 FOR TERM DEPOSIT- BASED ON TAWARRUQ (Effectve Date: 2 Aprl 2018) The Specfc Terms and Condtons mentoned heren are applcable to all Term Depost- products based on the Sharah concept of Tawarruq offered by the Bank. All of these products are governed by the relevant laws of Malaysa and Sharah prncples. Ths Specfc Terms and Condtons shall be read together wth the General Terms and Condtons for TD-. all defntons used n the General Terms and Condtons shall have the same meanng when used n these Specfc Terms and Condtons. The Bank and the Customer hereby rrevocably agrees and acknowledge that as at the date hereof, ths Specfc Terms and Condtons, the underlyng structure heren and the Commodty Tradng are Sharah complant. Accordngly, each of the partes hereto agrees that t shall not henceforth rase any dspute or ssue n relaton to the Sharah complancy of these Specfc Terms and Condtons and the Commodty Tradng. Ths Specfc Terms and Condtons shall be addtonal to the Terms and Condtons of each type of the product/ Accounts appearng n the General Terms & Condtons. In the event of any dscrepancy, ambguty or dspute n the nterpretaton of these Specfc Terms and Condton and the sad Terms and Condtons for each type of product/accounts appearng n the General Terms & Condtons, the sad Specfc Terms and Condtons for each product/accounts shall preval. 1.0 GENERAL 1.1 The TD- shall be operated n accordance wth the Sharah concept of Tawarruq whereby the Accountholder apponts the Bank under Wakalah (agency) contract, as hs/her agent to buy Commodty from any commodty traders and thereupon to sell the Commodty to the Bank under Murabahah contract on deferred payment. Under the arrangement: the Bank acts an agent wll purchase the Commodty on behalf of the Customer for the Purchase Prce of the Commodty n the amount deposted wth the Bank; the Bank wll thereafter on ts own capacty purchase the Commodty from the Bank (as agent to Customer) at the Sellng Prce whch shall be pad to the Customer upon maturty; the Bank may thereafter sell the Commodty to a thrd party; 1.2 The Accountholder applyng for the openng of the TD- wth the Bank shall be bound by these Terms and Condtons governng the operatons of the TD- n force from tme to tme. 1.3 These Terms and Condtons are also ntended to be read together wth Product Dsclosure Sheet ( PDS ) of the TD-, pamphlets, brochures or any other relevant Terms and Condtons ssued by the Bank whch may be mposed from tme to tme that are applcable to the partcular TD- opened by the Customer. 2.0 MALAYSIA DEPOSIT INSURANCE CORPORATION ( PIDM ) 2.1 Ths depost product s covered by Malaysa Depost Insurance Corporaton ( PIDM ). 2.2 Subject to the latest verson of Gudelnes ssued by PIDM and ncludes any statutory amendment or re-enactment thereof, any captal wll be nsured up to a maxmum of Rnggt Malaysa Two Hundred Ffty Thousand (RM250,000) nclusve of the ntal captal and any dvdend (proft) there from. 3.0 DEFINITIONS In ths Specfc Terms and Condtons governng Tawarruq, the followng words shall have the meanngs stated thereto: TERM DEPOSIT-I Effectve 2Aprl2018 Page 1 of 5
2 Agent means the Bank whch shall be apponted by the Accountholder to do such acts on behalf of the Accountholder under the Sharah contract of Wakalah n matters pertanng to Tawarruq n accordance to the terms heren. Term Depost- (TD-) means Term Depost products based on the Sharah concept of Tawarruq whch may be offered by the Bank from tme to tme ncludng but not lmted to Term Depost-, Junor Term Depost and other new Term Depost whch may be offered by the Bank from tme to tme. Accountholder means the Bank s customers whose applcaton for TD- has been accepted by the Bank and such TD- s mantaned wth the Bank. Commodty means Sharah complant goods and/or commodtes (excludng rbaw tems n the category of medum of exchange such as currency, gold and slver) acceptable to the Bank, purchased under the platform of any commodty trader apponted by the Bank and duly approved by the Sharah Advsory Commttee (SAC) of the Bank whch wll be transacted as the underlyng asset to facltate the Tawarruq transacton. Commodty Tradng means the sale and purchase transactons performed n accordance to the Sharah concept of Tawarruq. Hamsh Jddyyah refers to a Securty Depost (SD) placed to secure the undertakng to purchase an asset before executon of sale and purchase contract. Maturty Date refers to the date of maturty of TD- as specfed n the Term Depost Advce and ncludes any renewal to ts ntal Maturty Date. Murabahah refers to a sale and purchase of a Commodty where the acquston/purchase cost and the mark-up are dsclosed to the purchaser. Purchase Prce refers to the amount equvalent to the depost placement / renewal amount whch wll be used to purchase the Commodty on the Tradng Day. Purchase Transacton refers to when Accountholder purchases the Commodty (va the Bank actng as hs/ her agent) from any commodty trader at the Purchase Prce. Rebate (Ibra ) represents the waver on rghts of clam accorded by a person to another person that has an oblgaton whch s due to hm. Sale Transacton refers s when the Customer sells the Commodty (va the Bank actng as hs/her agent) to the Bank at the Sellng Prce. Sellng Prce means the sum payable by the Bank to acqure the Commodty from the Customer on Murabahah bass whch comprse of the Purchase Prce of the Commodty and the proft. Tawarruq conssts of two sale and purchase contracts where the frst nvolves the sale of an asset to a purchaser on a deferred bass and the subsequent sale nvolves sale of the asset to a thrd party on a spot and cash bass. Under ths product, the Customer wll purchase the Commodty at Purchase Prce from any commodty trader and thereafter, sell the Commodty to the Bank at Sellng Prce on the bass of Murabahah whch shall be pad to the Customer at the Maturty Date (after takng nto consderaton any rebates, f any). The Bank shall thereafter sell the Commodty to a thrd party on a cash and spot bass. Tradng Day refers to the days where Commodty Tradng s executed from Monday to Sunday and on whch the commodty tradng platform s open for tradng. Wakalah means an agency contract n whch a party mandates another party as her/hs agent to perform a partcular task n matters that may be delegated voluntarly or wth mposton of fee. TERM DEPOSIT-I Effectve 2Aprl2018 Page 2 of 5
3 Wa d means a promse or undertakng, refers to expresson of commtment gven by one party to another to perform certan acton(s) n future. 4.0 APPOINTMENT AS AN AGENT 4.1 Based on the concept of Wakalah, the Accountholder (actng as the Prncpal ) agrees to appont the Bank (actng as the Agent ) and the Bank agrees to accept the appontment as an agent of the Accountholder for the purchase and sale transacton of the Commodty ( Commodty Tradng ) n accordance wth ths Terms and Condtons. The Bank wll only act as the Accountholder s agent and wll not assume, or be deemed to have assumed, any addtonal oblgatons to, or to have any specal relatonshp wth the Accountholder other than those that s envsoned n ths Terms and Condtons. 4.2 As the Accountholder's agent, the Bank shall, durng the tenure or any renewal thereof, have the followng powers and authorty:- to do and execute all acts wth respect to the purchase of the Commodty on a cash and spot bass through purchase agreement, certfcate and other nstrument and to negotate wth commodty trader on behalf of the Accountholder n relaton thereto; and to sell the Commodty on deferred payment to the Bank at cost plus proft ("Sellng Prce") on behalf of the Accountholder and to do and execute all acts n relaton thereto ("Sale Transacton") 4.3 The Bank wll look after the best nterest of the Accountholder and acts n good fath n performng ts oblgatons n buyng and sellng of Commodty. 4.4 The Accountholder shall be enttled to request and take physcal delvery of the Commodty. In the event the Accountholder were to exercse such rght to take physcal delvery, all costs and expenses n respect thereof shall be borne by the Accountholder. 4.5 The Accountholder ndemnfes the Bank aganst all losses, actons, proceedngs, damage, costs and expenses whatsoever clamed by any party and/or ncurred or sustaned by the Bank as a result of the purchase of Commodty under any transacton hereunder as an agent of the Accountholder and/or n the event of breach by the Accountholder of any of hs oblgatons heren. The ndemnty gven shall survve termnaton of ths Terms and Condtons and any sum payable under t shall not be subject to any deducton ether by way of set off counter clam or otherwse. 4.6 The Accountholder shall not revoke the appontment of the Bank as agent as long as the TD- remans avalable. The appontment of the Bank as agent of the Accountholder shall cease upon closure of the TD-; 4.7 The Bank shall not be oblged to enter nto any transacton or follow any nstructon by the Accountholder, f n the opnon of the Bank that the enterng nto such transacton, may cause the Bank or ts afflates to breach of any law, polcy, rule or regulaton. 5.0 COMMODITY TRADING TRANSACTION 5.1 As the Accountholder's agent, the Bank shall enter nto the Purchase Transacton, durng the tenure or any renewal thereof, has the followng power and authorty:- The Bank shall enter nto a Tawarruq transacton on the Tradng Day followng the depost placement date; and The Bank shall enter nto a Tawarruq transacton on the Tradng Day followng the renewal of the placement. 5.2 Upon payment by the Accountholder of the commodty prce whch s equvalent to the depost amount to the Bank, the Bank undertakes to purchase the commodty from the commodty trader or suppler; 5.3 The Bank n ts capacty as agent to Accountholder wll then sell the commodty to the Bank under Murabahah contract on deferred payment. The Sellng Prce represents: TERM DEPOSIT-I Effectve 2Aprl2018 Page 3 of 5
4 the depost amount; and the proft on the deposts On the Maturty Date, the Bank shall pay the Sellng Prce to the Accountholder. The computaton of the Sellng Prce wll be based on the followng formula:- Calculaton of the Proft: Proft = P x R x T/365 or 366 Where: P = Prncpal Amount R = Proft Rate (%) gven upon the placement T = Tenure (number of days, from placement date to maturty date) Calculaton of the Sellng Prce: Sellng Prce = Depost Amount + Proft (total proft receved) Illustraton: Depost Amount RM10, Proft Rate 3.40% p.a. Tenure 12 months No of Days 365 Placement date 1/1/2017 Maturty date 1/1/2018 Proft Payment RM Sellng Prce RM10, In vew the Tradng Day s later than the date the Purchase Prce s deposted to the Bank; the Purchase Prce wll be treated as Qard (loan) to the Bank pror to the Purchase Transacton. In ths regard, the Customer consents for the Bank to deal wth the Purchase Prce n any manner deemed ft by the Bank. 5.5 In connecton wth each Purchase Transacton, the Bank (as the Commodty Purchaser ) shall provde a promse (Wa d) to the Customer and agree to purchase the Commodty from the Customer upon completon of the Purchase Transacton. 6.0 REBATE (IBRA ) 6.1 The Accountholder shall consent to grant rebate under the concept of Ibra subject to the occurrence of the below events ncludng but not lmted to:- For placement where the contracted tenure s below three (3) months, no proft wll be pad f the placement s wthdrawn / uplfted pror to the full completon of the contracted perod; or For placement tenure exceedng three (3) months where the sad placement s wthdrawn / uplfted before the completon of three (3) months, no proft shall be pad; and For placement tenure of more than three (3) months, elgble proft payable wll be calculated at half of the prevalng Board Rate for all completed months, provded that the mnmum three (3) months placement has been completed. The computaton of rebate (bra') s based on the followng formula:- Rebate (Ibra ) = Sellng Prce - [(P x R x T/365 x 50%) + P] Where: Sellng Prce = Prncpal Amount + Proft P = Prncpal Amount T = Number of completed days TERM DEPOSIT-I Effectve 2Aprl2018 Page 4 of 5
5 R = Proft Rate (Prevalng Board Rate for completed months) Illustraton on computaton of rebate durng premature wthdrawal:- Orgnal placement:- Depost Amount RM10, Contracted Proft Rate 3.40% p.a. Tenure 12 months No. of Days 365 Placement date 1/1/2017 Maturty date 1/1/2018 Proft Payment (a) RM Sellng Prce upon maturty (b) RM10, In the event of premature wthdrawal:- Early / premature wthdrawal On 1/7/2017 No. of completed days 181 Prevalng Board rate for completed months 3.25% p.a. Proft payment upon premature wthdrawal (c) (RM10,000 x 3.25% x 181/365 x 50%) RM Rebate (Ibra ) (a) - (c) RM Total Sellng Prce upon premature wthdrawal (b) (c) RM10, For early uplftment / premature wthdrawal, the Bank may also charge the Accountholder any holdng, handlng and brokerage fees/charges charged by any thrd party Commodty Trader for the sale and purchase of the Commodty and t wll be deducted from the Sellng Prce. 7.0 PROFIT RATE 7.1 The proft rate of the TD- shall be subject to the prevalng proft rate for respectve products or campagns whch wll be made known to the Accountholder upon openng of the Account and shall be determned by the Bank from tme to tme. 7.2 Accountholder may wthdraw the proft pad durng the tenure; however, n the event the Accountholder decdes to termnate the TD- pror to the maturty of the tenure, the Bank reserves the rght to retract the proft wthdrawn by the Accountholder from the prncpal amount durng Account uplftment. 7.3 The proft for these products wll be credted Monthly / Quarterly / Sem Annually / Upon Maturty / In Advance or Upfront. 7.4 For TD- wth proft pad n advance or upfront, the Bank wll pay Accountholder the Securty Depost (Hamsh Jddyah) n the amount whch s equvalent to the proft derved from the Commodty Tradng Transacton or any other amount as agreed by both partes. The securty depost placed by the Bank s to secure the undertakng to purchase an asset before executon of sale and purchase contract. The Bank reserves the rght to set-off the Securty Depost aganst the proft derved from the Commodty Tradng Transactons whch s payable to the Accountholder. 8.0 RENEWAL OF DEPOSIT 8.1 Accountholder agrees that all Term Deposts plus the accrued proft not wthdrawn on Maturty Date wll be automatcally renewed by enterng nto a new Commodty Murabahah Transacton under the same Tenure at the prevalng proft rate at the tme of the renewal. Such renewal s however subject to provsons set out n Secton 5.0 above. [End] TERM DEPOSIT-I Effectve 2Aprl2018 Page 5 of 5
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