Ar-Rahnu @ Agrobank

Agrobank provides credit services based on Syariah Al-Qard principal, which is loans amounted at RM 10,000 needs to be pay back at RM 10,000. Credit given must have an item pawned or kept by the bank. A pawned /kept item that is used in this process is in the form of jewelleries or gold wafers. These pawned items are kept by the bank based on the Al-Wadiah Yad Dhamanah and are ensured of its safety. Pawned/kept items will be charged with some service fee.

Terms & Conditions
Open to all individual or non-individual who is Malaysian citizens.
Aged 18 years old and above

Limitations
Maximum RM 50,000 ( RM 10,000 per day )
Minimum RM 100

Period of Services
6+3+2 months (The period for the first service is for 6 months, and can be extended to 3 months more and another final extension for 2 months more)

Types of Pawned Items Accepted
All types of jewelleries made in gold, such as: rings, hand and legs bracelets, brooches or others.
Pound Gold and White Gold are not accepted.


Storage Fees

Margin financing	Storage fee rate
50% and below	RM0.50/100
50.1% to 60%	RM0.60/100
60.1%  to 70%	RM0.75/100

Redeeming Pawned / Kept Items
Redemption can be made in stages or at once or anytime before or after the deadline.
depends on the latest amendment of the bank policies

Advantages of Ar-Rahnu Schemes
Financing through Syariah law
Fast, Easy and Secure. Kept items are ensured of its safety.
Cheaper than conventional prawn services
Storage fees are static until full redemption
Longer pawn/kept period
No penalties
Balances of the auction will be returned to the customer.

Guidelines
Application
Fill up the forms at the Ar-Rahnu counters
A copy of National Identification Card
The jewelleries that are being pawned.
Send to Ar-Rahnu counter for processing and get instant cash.

Installment Payment
Pay directly to the teller at the counter by only showing the Pawned Letters (Surat Gadaian).
Unlimited payment times

Full Redemption
Bring along pawned letters with full redemption payment
A representative should provide the pawned letters along with the customer’s IC
Extention of the payment
Bring the Pawned Letters and storage fees

Lost of Pawned Letters
Bring the certification letters (Surat Akuan Sumpah) that are certified Pesuruhjaya Sumpah and a copy of Pawned Letters will be given without additional fees.

 sumber : agrobank