MBSB Bank’s Ihsan-i Account 2 Support Facility allows EPF members to take advantage of compounding their retirement savings, while addressing short-term financial needs. – 123rf.com
IN today’s increasingly complex financial landscape, the ability to manage personal finances effectively is more important than ever.
Personal finance is a critical aspect of financial management that involves making informed decisions about how to use your money – such as saving or investing it – in the most effective way possible, with the goal of achieving financial security and stability.
One of the most significant ways for Malaysians to save for their retirement is with the Employees Provident Fund (EPF).
Now, with EPF recently finalising the terms and conditions for the Account 2 Support Facility, EPF members who have a reasonable income can now access their savings in Account 2 for personal financing – without compromising their retirement income adequacy and security.
Savings will remain intact in EPF Account 2 and members will continue to receive annual EPF dividends, allowing them to take advantage of the power of compounding their retirement savings while addressing short-term financial needs.
In light of this recent announcement, MBSB Bank Berhad introduced its Ihsan-i Account 2 Support Facility. This syariah-compliant personal financing facility is designed to provide financial assistance for EPF members.
MBSB Bank’s Ihsan-i Account 2 Support Facility comes with a number of dynamic financing features with competitive financing rates (SBR + 1.75% p.a.) for EPF members with financing amounts from RM3,000 to RM50,000 and a financing tenure of up to 10 years.
It also applies takaful protection, which will be deducted through financing, and a tawarruq concept, also known as commodity Murabahah in Islamic banking. This concept is widely practised to structure different types of Islamic banking products and services.
Other financing terms include lower monthly profit payments for the first 12 months, followed by full payments including both principal and profit payment amounts. There is no lock in period and no guarantor as part of the plan. Payments can be done over the counter or via standing instruction.
Malaysian citizens aged 40 to 54 years are eligible to apply for the MBSB Bank Ihsan-i Account 2 Support Facility, provided that they are EPF members and are registered on i-Akaun.
Eligible EPF members can apply online for fast application approval with their NRIC at www.fsa2mbsbbank.com
After filling in the required information, such as the financing amount required, applications will be processed based on credit rating and bankruptcy status.
If successful, you will receive an SMS confirming acceptance of your application.For more information, go to www.fsa2mbsbbank.com
