KUALA LUMPUR: MBSB Bank Bhd will offer shariah-compliant facility Ihsan-i to Employees Provident Fund (EPF) members for the Account 2 Support Facility (FSA2) starting April 7, 2023.

The Islamic bank said Ihsan-i, a personal financing facility that comes with a competitive rate, aims at assisting EPF members aged between 40 and 55 years old, with a minimum of RM3,000 in their Account 2 and EPF i-Akaun holders.

MBSB Bank is offering financing of up to RM50,000 with a payment period of up to 10 years, said group chief executive officer Datuk Nor Azam M. Taib.

"The monthly payment for Ihsan-i for the first year is lower as customers only need to pay the profit rate," he said in a statement today.

Ihsan-i by MBSB Bank is based on the shariah concept of Tawarruq, which comes with benefits such as low-profit rate, no processing fee, and no early settlement fee.

Ihsan-i also provides rebate or Ibra' on the bank's profit rate if the payment of the financing balance is settled earlier than the agreed period.

Applications can be made online via the website www.fsa2mbsbbank.com starting April 7, 2023. Approval is subject to the financing eligibility and credit standing of the applicants.

 - BERNAMA