Personal

Ar-Rahnu Micro Financing

Unlocking opportunities for you to achieve your aspirations.

Ar-Rahnu Micro Financing offers two products;

  1. Az-Zahab – which caters to customers who has not assigned their salary to BIBD and uses Gold as collateral.
  2. Al-Jauhar – which caters to customers who assigns their salary to BIBD and uses Gold and precious stones as collateral.

Features & Benefits

  • Obtain short term financing up to 80% of the collaterals prevailing market rate
  • Spread out monthly payments of up to 6 months for Az-Zahab and up to 12 months for Al-Jauhar
  • Secured safekeeping of Gold pledged
  • Availability of Gold cleaning and Zakat services
Shariah Concept
  • The Shariah concept applicable is Ar-Rahnu
  • Ar-Rahnu, also known as Islamic Pawn, refers to the mechanism whereby an item of value is pledged as a security for cash financing. Ar-Rahnu together with other mualamat principles create the Shariah based pawn broking which include;

    Al-Qardhul Hasan, the financing agreement, whereby BIBD grants financing to the customer who is only required to pay the amount borrowed.

    Al-Wadiah Yad Dhamanah, safekeeping with guarantee, is an agreement between the customer and BIBD, whereby BIBD accepts custody of the gold and ensures the safekeeping of the gold which guarantees the gold against loss, damage, theft and the like.

Eligibility
  • Brunei Citizens and Permanent Residents
  • Individuals between the age of 18 to 65 years*
  • Assignment of Income (applicable for Al-Jauhar scheme)
  • Open to BIBD account holder only

*The maximum age of Customer is 55 years if the Customer is not receiving TAP, 60 years if the Customer is receiving TAP and not exceeding 65 years at the time of expected financing maturity.

Required Documents

Applicant

  • Original copy of Identity card (applicant & Gold owner)
  • Original copy of latest salary slip (applicable for Al-Jauhar product only)
  • Letter of Consent from collateral owner (where applicable)
Fees and Requirements

For more details, please refer to the Bank's Schedule of Tariffs or the list of applicable rates for this product.

Please read this Product Disclosure Sheet before you decide to take the Personal Financing. Be sure also to read the General Tawarruq Terms and Conditions of Sale.

 

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