Frequently Asked Questions
TEMAN TEKUN Financing
Scheme

The TEMAN TEKUN Scheme / Product is a micro-financing used to finance in groups.

Bumiputeras with legitimite businesses.

Members or financing recipients are called TEMAN TEKUN.

Group Business Financing and amount as follows:-

• First Financing from RM1,000 to RM10,000
• Second Financing and so on up to RM20,000

A TEMAN is required to attend weekly gatherings and make financing payments every week.

(*in certain / unavoidable cases members are allowed to attend the gathering a minimum of 2 times a month and repayments made based on the agreed financing agreement. Subject to the approval of TEKUN Nasional).

All types of businesses that are legitimite and according to Sharia.

Weekly payments makes it easier for entrepreneurs. Entrepreneurs are allowed to make monthly payments but MUST attend the weekly gatherings to establish closer ties between TEKUN and Entrepreneurs.

Financing of the TEMAN TEKUN Scheme is imposed a management charge of 4% per annum and 5% per annum for borrower’s deposit / savings.

The approval process is within a period of 14 working days.

Weekly meetings between TEKUN Officers and Entrepreneurs involved in the TEMAN Group.

Yes, TEKUN will re-offer the TEMAN or individual financing with a higher value based on the repayment records.

The TEMAN gathering will be conducted with a combination of 2 to 10 groups per branch.

Yes you may. But only after a year or half the balance of the financing with a good refund record. Applications must be made within the same group.

No it cannot be processed, the 5-member quota must be fulfilled to form a group.

The group will need to replace the application with a new member that has been agreed upon. The TEKUN officer may propose if a suitable member is available to replace the deceased with approval of the group.

There is no need to make a member replacement and the member’s name remains in the group, recording its status in the system.

Not allowed.

If there are members who fail to make repayments, that member is responsible for ensuring the payment is made during the weekly gathering.

TEKUN officers will need to advise the entrepreneur and the group and if that still fails legal actions can be taken to the entrepreneur.

No, all members have to agree with the same amount of financing.

Yes, the amount of financing and repayment period of each member needs to be the same. The Head of Group may propose to members and all members must mutually agree with the amount and period prior to submitting to the TEKUN Officer.

(*subject to the approval from TEKUN Nasional)

The TEMAN TEKUN Financing Scheme is protected by Takaful Insurance. In the event of death of a TEMAN member, the insurance will cover the entire financing provided it is still under the financing period.

It is compulsory for group members to make payments and remain within the group.

The advantages and differences of the TEMAN TEKUN Scheme are as follows:-

• The lowest service charge of 4% per annum amongst Micro Credit Institutions in Malaysia.
• Members can consist of male and females.
• Weekly gatherings are made at locations near to business premises and in a short period of time. Gatherings on a weekly basis and in certain cases allowed to attend a minimum of two times a month with the consent of TEKUN. Repayments on a weekly, fortnightly & monthly basis IS ALLOWED without reduced repayment amounts as stipulated in the Financing Agreement.
• The amount and duration of financing is the same for each group member.
• Early settlements of financing for any member/ groups is allowed.
• If a member dies, makes an early settlement, moves etc., the group does not have to make a member replacement.
• All group members (5 members) are allowed to make simultaneous financing without having to wait for the performance of other members as all are running businesses.
• Fast approval process within a period of 14 working days.

Please contact the Customer Service Hotline at 03 9058 8550 or visit the official website at www.tekun.gov.my to find out the addresses of TEKUN offices nationwide.