Published on: 04/03/2017
Updated on: 05/05/2018
Members or financing recipients are called TemanNita.
Group business consisting of five WOMEN (5) with the following amount:-
First Financing from RM 1,000 up to RM 10,000
Second Financing from RM 1,000 up to RM 20,000
TemanNita members are required to attend weekly meetings and make financing payments every week (*in certain/ unavoided cases members are allowed to attend a minimum of 2 meetings within a month and repayments made according to the financing agreement agreed upon. Subject to the approval from TEKUN Nasional).
All types of business that is legal and shariah-compliant.
Weekly payments make it easier for entrepreneurs. Entrepreneurs are allowed to make monthly payments but MUST be present at weely meetings in order to establish a close relationship bond between TEKUN officials and entrepreneurs.
The TemanNita Programme financing will impose a management charge of 4% per annum and 5% per annum for the savings of borrowers.
The approval process is within 14 working days.
A weekly meeting between TEKUN Officers and Entrepreneurs involved with the TemanNita Group.
The TemanNita meeting will be conducted with a combination of between 2 to 10 groups for each branch.
If a member of a TemanNita group (5 persons) wishes to make an early settlement, will this be allowed?
Yes, TEKUN will make a financing re-offer on an individual/ group basis with a greater value based on the repayment records.
Yes, provided that the overlap financing is by group after 1 year and half of the remaining balance.
If the application submitted is not enough to form a TemanNita group (5 persons), will the application still be processed?
No, you will have to complete the 5-person requirement to form a group.
If one of the group members dies, DURING which the financing application is being processed for approval, what is the action that must be taken next?
The group will need to replace the application with a new member which has been agreed upon. TEKUN officers can suggest if there are any suitable candidates to replace the deceased member with the consent of the group.
If one of the group members dies, had made an early settlement, moved once the application was APPROVED, what is the action that must be taken next?
There is no need to make a member replacement and the member’s name remains in the group by recording the status in the system.
If there is a partnership in SSM, are all the nominees allowed to make financing through the TemanNita Programme?
If any member fails to make repayments, the member of the group must be responsible in ensuring that the payment is made during the weekly meeting.
The TEKUN Officer should advise the entrepreneur and group and if this too persists, legal actions can be taken against the entrepreneur.
If a member of the group wishes to borrow more than the amount the group has agreed upon? Exmple: 4 members borrow RM 5,000 while 1 member wishes to borrow RM 10,000.
Not allowed, all members must agree on the same amount of financing.
Must the financing amount of each group member be equal? Who should/ can determine the financing amount of members?
Yes, the amount of financing and repayment period of each member must be the same. The Group Leader can suggest the amount to each member and all members must mutually agree upon the amount and period before submitting to the TEKUN Officer (*subject to approval from TEKUN Nasional).
Yes, the TemanNita Programme Financing is covered by Takaful Insurance. In the event of the death of a TemanNita member, the insurance will cover the entire financing provided that it is still under the financing period.
This group member is still obliged to make repayments and shall remain in the group.
What are the advantages and differences of the TemanNita Programme financing compared to other schemes with similar concepts?
The advantages and differences of the TemanNita Programme are as follows:-
- Lowest service charge of 4% per annum among Micro Credit Institutions in Malaysia.
- Membership specifically for women only.
- Weekly meetings are held in close proximity to business premise and within a short period of time.
- Meetings on a weekly basis and in certain cases allowed at least twice a month with the consent of TEKUN.
- Repayments made weekly, once in two weeks & once a month ALLOWED without reducing the amount of repayment stipulated in the Financing Agreement.
- The amount and duration of financing is the same for each group member.
- Early settlement for any member/ group is allowed after 6 months from the approval date of the prior application.
- If a member dies, makes an early settlement, moves, etc., replacement of a new group member is not required.
- All group members (5 persons) are allowed to make concurrent financing without having to wait for the performance of other members as all members are running businesses.
- Fast approval process within 14 working days.