Consolidation Financing Scheme
Relieving you from financial burden.
Features & Benefits
- Consolidation of ALL or several financing facilities into a single monthly payment
- A fresh start in better management of financial commitments
- Enjoy higher take home pay and an improved quality of life
- Shariah Concept
- The Shariah concept applicable is Tawarruq
- Tawarruq, also known as Reverse Murabahah, refers to the process of purchasing a commodity for a deferred price determined through Musawama (bargaining) or Murabaha (mark-up sale), and selling it to a third party for a spot price so as to obtain cash.
- Employed with Brunei Government, Semi-Government or private companies approved by BIBD including self-employed individuals.
- Existing Total Debt Service Ratio must exceed 60% in order to be eligible to apply.
- Only financing facilities that were granted before 8th June 2015 are allowed to be consolidated.
- Only financing facilities under the name of the Applicant are allowed to be consolidated.
The final entitlement shall be subject to BIBD’s internal credit policies and assessment.
- Required Documents
- Original copy of Identification Card
- Original copy of latest Salary Slip
- Letter of Confirmation (Salary / Pension / Service Contract)
- Statement of Account with other Financial Institutions (where applicable)
- Certificate of Balance from Financing Institutions, including Finance Companies (where applicable)
- Business Registration Certificate (where applicable)*
Subject to BIBD’s assessment of the company’s/customer’s employment profile.
- Fees and Requirements