Published on: 13/04/2016
Updated on: 20/03/2018
What is the Sharia concept applied?
- Qardh is applied in the pawn financing to customers.
- Customer’s Rahn pledges gold to AR RAHNU TEKUN for the purpose of loan security.
- Wadiah Yad Dhamanah is applicable when AR RAHNU TEKUN stores gold.
- Storage fees are imposed on customers to ensure that the pawn items are in a good and safe condition.
- The Ujrah fee for storing gold imposed to customers are based on its value and storage period.
What can I get from this product?
AR RAHNU TEKUN is an easy way to obtain financing by just giving gold items/ jewellery as collateral where AR RAHNU TEKUN will charge a reasonable storage fee.
What obligations do I have to do if I take this product?
You will have to repay the financing amount and monthly storage fee of the pledge item. The fee must be paid on the expiry date of contract period, redemption or extension period of AR RAHNU TEKUN (where applicable).
What is the redemption fee which I need to pay?
The storage fee (Ujrah) for pawned items is RM0.50* per RM100.00 marhun value.
What if I fail to fulfill my obligations?
If you fail to fulfill the indebted amount at the end of the period, AR RAHNU TEKUN has the right to sell gold to settle the loan amount and storage fee charged or any other related costs. The surplus cash after the deduction of debts, outstanding wages, aution costs and other related costs (if any) will be paid to you.
What is the storage fee charged for early redemption?
The minimum pawn period is 15 days. If the pawner pawns less than 15 days, storage fee will still be considered at the 15-day minimum period.
How are the methods of loan repayment?
Loan repayments can be made in installments or lump sum before or on the date of maturity.
How will I receive the loan/ money from the pawn?
- Loans from the pawn will be paid in cash at the counter of AR RAHNU TEKUN.
- You should keep pawn receipts for redemption and repayment of loans.