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.
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
|Profit Rate||3.25% fixed rate per season|
- Rice sales and subsidies are channelled directly to the Bank
- Deductions from savings accounts in banks; OR
- Other methods acceptable to the Bank
- 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
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 15 for every millions of commodity purchasing amount.
(Subject to GST at zero rated (0%) effective 1 June 2018 )
Wakalah fee are based on the table below.