Paddy-i (Tawarruq) is an uncollateralised financing to finance working capital for rice planting activities in a paddy field which is certified by related government agencies. This product is based on the Tawarruq transactions.
[tabby title="Product Details" open="yes"]
Minimum : RM1,000
Maximum: RM50,000 (or by combination of aggregate financing Paddy-i & Paddy Cash-i financing)
Minimum : Six (6) months
Maximum : Seasonal review, not exceeding five (5) years
[tabby title="Financing Payment"]
- Rice sales and subsidies are channelled directly to the Bank
- Deductions from savings accounts in banks; OR
- Other methods acceptable to the Bank
[tabby title="Eligibility Criteria"]
- Farmers registered with BERNAS (Padiberas Nasional Berhad) or other related agencies certified by the government
- Age 18 and above until the age of 70 years at the expiry of the financing period
- There are no legal obstacles
Excluded from any collateral / guarantee
[tabby title="Fees & Charges"]
|Stamping Fees||As per the Stamp Act 1949 (Revised 1989).|
|Brokerage/ Trading Fees||
Brokerage fee for every successful Tawarruq transaction is at RM 20.
(Subject to Sales & Service Tax (SST) 6% )
Wakalah fee are based on the table below.