- Applicant warrants to the Bank that he (reference to the masculine gender in these Terms includes all genders) is not an undischarged bankrupt, nor are there any bankruptcy proceedings, legal suits or other actions current or pending against him which will affect his ability to meet his obligations under these Terms, and acknowledges reliance of the Bank on this warranty regardless of any checks the Bank may itself conduct in processing the application. While Bank does not require a purpose to be stated, Customer agrees that the Facility is intended for utilisation not contrary to principles of Shariah.
- For the purposes of the granting of the Facility, the parties mutually enter into two transactions under the Shariah principle of Bai Inah, whereby Bank sells the Asset (Goverment Islamic Investment Stock) to Applicant (henceforth interchangeably referred to as 'Customer') at the price stated in the Personal Financing-i Application Form (under item 4 of this Form) (Bank's 'Selling Price'). Bank immediately repurchases the Asset from customer at Bank's Purchase Price, (also called the 'Facility Amount'). Customer will be paid the Facility Amount by a credit into his account (as per item 6 of the Alliance Bank Personal Financing-i Application Form). [Bank's profit on the Facility will be calculated based on the rate specified in this Form. The Selling Price, which is the aggregate of the Facility amount and the profit thereon, will be stated in this Form in one lump sum.]
- Payment of the Selling Price shall be made by you by the number and in the amount of monthly instalments as stated in the Approval Advice, the first of such instalments will be debited to your account 1 month after the date of first disbursement of the Facility or on such other date as shall be fixed from time to time by the Bank and subsequent instalments on or before the first day of each month thereafter. The Approval Advice shall be read as, and form part of, this Form. The former shall prevail in the event of inconsistency.
- If Customer fails to pay any instalment when due, the Customer shall pay compensation of 1% per annum on the amount due accruing from the due date up to the date of settlement or such other rate as shall be stipulated by Bank Negara Malaysia from time to time. In the event of non-payment (whether principal and/or management fee) upon expiry of the tenure or termination of the facility by the Bank, the Bank reserves the rights to impose the current prevailing rate based on the Islamic Interbank Money Market (IIMM) on the amount(s) overdue, accruing from the due date up to the date of full settlement. Notwithstanding the above, the amount of compensation shall not be compounded.
- The Facility is subject to there not having occurred any of the following Events of Default, and the full Selling Price or the unpaid balance thereof, as well as any other sums due herein, shall become payable on demand if Customer:
- defaults in payment of any monies payable hereunder or any one or more of the instalments or any part thereof or any other sums or moneys due under the Aqad on sale of the Asset, or in the opinion of Bank the Customer's account has been unsatisfactorily conducted: or
- fails to observe or perform any of the agreements, covenants, stipulations, terms and conditions to be observed or performed on his part; or
- dies or becomes of unsound mind; or
- is unable to pay his debts or suspends payment thereof or enters into any arrangement or composition with his creditors or commits an act of bankruptcy; or
- has other indebtedness howsoever arising to Bank or any third party that becomes capable according to its terms of being declared due prematurely by reason of his default or otherwise, or the security for such indebtedness becomes enforceable, including due to his failure to pay within the required period any such debts incurred; or
- as a distress or execution levied or enforced upon any of his properties; or
- for any reason any guarantee or security given to Bank for the payment of this Facility shall be terminated or lapse for any reason whatoever or if the guarantor and/ or security provider shall be in default under the terms of the guarantee and/or security document or dies or becomes of unsound mind or is wound-up or commits any act of bankruptcy; or
- ceases or threatents to cease carrying on his business or transfers or disposes or intends to transfer or dispose of a subtantial part of his assets or changes or intends to change the nature or scope of his business as now conducted; or
- has petition is presented against him for bankruptcy or a trustee, or similar official, is appointed over all or a substantial part of his assets or if execution or any form of action is levied or taken against his assets; or
- in Bank's opinion, undergoes any change or threatened change in circumstances which would materially, and adversely affect his business or financial condition or ability to perform obligations under the Facility, or any other agreement with Bank; or
- makes representations and warranties in this Form or otherwise to Bank which are untrue, materially misleading or incorrect; or
- by reason of any change in circumstances, applicable law or regulations or in the interpretation or application thereof it shall become unlawful for Bank to comply with its obligations herein or to continue to make available the Facility; or
- has any of his current accounts closed by any bank following the requirements of Biro Maklumat Cek, notwithstanding that his current account(s) with Bank, whether held solely or jointly with others, has been conducted satisfactorily.
- All stamp duty and solicitors' fees (on solicitor and client basis) incurred by the Bank in relation to in connection with or incidental to provision of the Facility and/or the Bank's enforcement of its rights under the Facility shall be payable by Customer and may, at the Bank's discretion, be debited without prior notice to Customer's stated account or other account(s) with the Bank.
- Customer is solely responsible for assessing these Terms in applying for the Facility, and is advised to seek independent legal advice in respect thereof. Customer confirms that no warranties, promises, representations or collateral agreements have been made by or with the Bank, orally or otherwise, and, even if any, to the extent not included in these Terms shall hereafter lapse and not be legally binding upon the Bank nor be raised as a defense or support of any claim by Customer in any legal proceedings.
- The Bank will apply any payment monies received firstly for Instalments, then for other outstanding monies, with discretion to revise the priorities as it deems fit. If any amount received or recovered in respect of Customer's liabilities hereunder or any part thereof is less than the amount then due, Bank shall apply that amount in such proportions and order of priority and generally in such manner as the Bank may determine.
- The Bank shall be entitled (but shall not be obligated) at any time and without notice to the Customer or without making demand notwithstanding any settlement of account or other matter whatsoever to combine, consolidate or merge all or any of the Customer's then existing accounts and liabilities with and to the Bank, whether in or outside Malaysia, whether singly or jointly or jointly with any other person(s); and to transfer and/or set off any moneys in credit in any one or more of such accounts in or towards satisfaction of any moneys owing or obligations or liabilities of the Customer to the Bank whether in or outside Malaysia, whether in principal or surety, whether present or future, actual or contingent, primary or collateral, singly or jointly or severally with any other person(s), and to affect any necessary currency conversions at the Bank's own rate of exchange then prevailing
- If the effect of any law or regulation or a change thereof, is to increase the cost to the Bank of providing, maintaining or funding this Facility or reduces the effective return to the Bank, the Bank reserves the right to require payment on demand of such amounts as considered necessary to compensate it therefor.
- If Customer decides to pay in full the Bank's Selling Price or any part thereof prior to the relevant due date or dates thereof, the Bank may, at its absolute discretion and upon such terms as the Bank shall decide, grant an Ibra' (discount) on the balance of the Bank's Selling Price. However, for full payment prior to the maturity of the financing tenure, there shall be an additional reduction of Ibra' amount, of up to RM200 or 3% of the balance of the Bank's Selling Price (whichever is higher).
- Customer gives the Bank his express and irrevocable consent to disclose information relating to the Facility, his accounts current and other facilities presently held or which may otherwise be opened or obtained with the Bank from time to time ("Information") to such extent as the Bank deems necessary, to:
- any person the Bank considers necessary in relation to the provision of the Facility and other services, or the operating procedures of the Bank (including its accounting, client relationship or risk management functions), including to members of the Alliance Banking Group, any service provider (including debt collection agencies) or other third party; (b) any bureaus or agencies established by Bank Negara Malaysia (including the Central Credit Reference Information System - "CCRIS") or by other regulatory authorities including the Association of Banks in Malaysia; (c) the Bank's potential assignees, any of Customer's present or prospective security providers and any person the Bank believes in good faith to be tendering payment of monies on his behalf. Information may be used, stored, transferred, compiled, matched, obtained and/or exchanged by or with the aforementioned parties ('Users') and kept confidential by Users, save where disclosure is required under any laws or regulations applicable to them. Information is provided in good faith and whilst care is taken in compiling, collating or producing the Information, Customer agrees that the Bank and its officers shall not for any reason be liable for any claim, loss, damage or liability howsoever arising (including indirect, special, consequential or punitive damages or any monetary loss) to him due to the inaccuracy, incompleteness or inauthenticity of its contents or for the consequences of reliance which may be placed on the Information.
- The Customer hereby consents to and authorises the Bank to verify with any party the Bank deems fit including but not limited to the Central Credit Unit of Bank Negara Malaysia, the Central Credit Reference Information System of Bank Negara Malaysia ("CCRIS"), any other financial institution granting or intending to grant any financing facilities to the Customer, any agency established by the Association of Banks Malaysia and/or any other party whatsoever, any information concerning or relating to the Customer whether financial or otherwise, the Customer's account(s) and/or the conduct thereof for any purpose which the Bank deems fit without notice of the same to the Customer.
- The Customer hereby declares and agrees that any data/information (including personal data) relating to or arising from or in connection with the Customer's application hereunder and also information pertaining to the Customer's affairs whether hereunder or otherwise on this application may be held, used and disclosed by the Bank for the purposes of processing this application and providing subsequent services for this and other products and services and/or direct marketing to communicate with the Customer for such purpose
- Delay or failure by the Bank in exercising any right, power, privilege or remedy accruing to the Bank hereunder or in law or equity upon default by Customer shall not impair any such right, power, privilege or remedy or be construed as a waiver thereof or acquiescence of such default. No action by the Bank in respect of any default or acquiescence in such default, shall impair any right, power, privilege or remedy of the Bank in respect of any other antecedent or subsequent default.
- Any provision of these Terms which is prohibited or unenforceable by law (whether Shariah or otherwise) shall be ineffective to the extent only of such prohibition or unenforceability without invalidating or affecting the remaining Terms or the validity or enforceability of any Terms in any other jurisdiction where it is valid.
- In the event Applicant withdraws this Application at any time after submission (but before approval or rejection thereof) he shall be liable for all legal expenses, charges and disbursements.
- Service of Notices: Notices or correspondences to Customer in writing delivered personally or by ordinary post to the address specified by Customer for receipt of correspondences in this Form, or such other addresses notified to Customer to the Bank in writing shall be deemed received:-
- if delivered by hand, when so delivered; (b) if sent by post (not being AR Registered post), on the third day after posting, notwithstanding subsequent return by the postal authority; Any demand hereunder or any court process including summons may be sent to Customer by registered post (not being AR Registered post) and if sent by registered post (not being AR Registered post) to the address given for receipt of correspondences in this Form or last known to the Bank, shall be deemed to be given on the third Day after posting thereof notwithstanding its subsequent return by the postal authority. Customer shall as soon as practicable but at least seven (7) days prior to such change, notify the Bank in writing of any change of address.
- Customer agrees that any admission or acknowledgment in writing by him or by any person authorised on his behalf or a judgement (by default or otherwise obtained against him) or a certificate showing the amount due under the financing duly certified by an officer of the Bank shall be binding and conclusive evidence against him for whatever purpose including as being conclusive evidence of the amount due under the financing under the Facility in a court of law.
- Customer declares that he shall not use the Facility for any immoral or improper purpose or laundering of monies or to assist in any of the above. The customer acknowledges that the Bank may be obliged under the Anti-Money Laundering Act 2001 and/or other laws and regulations to report certain transactions to Bank Negara Malaysia and/or other relevant authorities and that the Bank, its officers and employees shall be under no liability for making such reports.
- Facility is granted subject to Malaysian Law. Time, wherever stipulated for Customer's performance of Terms and his obligations, shall be of the essence. The Bank, but not Customer, shall have the right to effect assignment of its rights and liabilities under the Facility.
- English language version of these Terms shall prevail in the event of any inconsistency with, or uncertainty arising in, other language versions.
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