New RHB Islamic Credit Card-i

RHB Islamic Bank has launched their new Islamic Credit Card.

• RM50 Cash Back on your first retail purchases using the card within 45 days of the card’s approval date. Promotion end on 31 December 2010.
• Get 10,000 Reward-i points by just signing up for RHB Islamic Smart Pay, with automatic bill payments at a minimum of RM100 for the next 12 months.
• Balance Transfer one time management fee as low as 3% for 12 months plan.

INCREASE IN SME LOANS APPROVALS – LOANS FOR SMALL MEDIUM ENTERPRISES

We are going to share some info about INCREASE IN SME LOANS APPROVALS – LOANS FOR SMALL MEDIUM ENTERPRISES from thestar below.
The Association of Banks in Malaysia (ABM) said contrary to the perception that lending is being limited, there had, in fact, been an overall increase in small and medium enterprises (SMEs) loans approved was at Dec 31, 2008 compared with a year ago.

ABM was responding to a StarBiz story on Tuesday entitled “Financing Blues” that companies, including SMEs, were finding it hard to get loans.

ABM chairman Datuk Seri Abdul Hamidy Abdul Hafiz said: “There is also no evidence from member banks of any unusual increase in SME loan application rejections last year.”

He added that at times, there was a lag period between loan submissions and disbursements because applicants might have handed over incomplete submissions.

He stressed that prudent lending practices needed to be adhered to in order to maintain public and investor confidence in the local banking system.

“Key drivers remain unchanged … there is ample liquidity in the system and the banks’ ability to lend remains undiminished,” he said in a statement.

Hamidy said that in some instances, customers did not fully utilise the lines of credit by lender banks and it became the bank’s prerogative to reduce such lines as part of ongoing loan reviews.

This was in order that the excess could be used to better impact other lending activities.

He said SMEs with insufficient collateral could seek guarantees from the Credit Guarantee Corp to better enable them to obtain financing.

“Banks are committed to stimulating loan disbursements. For instance, Bank Negara’s latest overnight policy rate cut in November was quickly adopted by ABM members, with base lending rate (BLR) falling from 6.8% in July to as low as 6.25% as of December 2008,” Hamidy said.

He said the cost of borrowing pegged to BLR had been reduced, so the issue of banks ignoring the plight of businesses and making it difficult to get loans was inaccurate.

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PERSONAL LOAN ISLAMIC

Devout Muslims donated hundreds of thousands of dollars to one of Canada’s largest Islamic organizations on the promise that the cash would be used to help the poor.

But only one in four dollars donated to a special pool of money at the Islamic Society of North America Canada (ISNA Canada) actually reached the needy.

Mismanagement of more than $600,000 is among the findings in a scathing audit obtained by the Star.

A “very small portion . . . is distributed to the poor and needy and the major portion is spent on the administration of the centre,” concluded the 2010 audit of the previous four years.

Muslim charity squandered money for poor

Devout Muslims donated hundreds of thousands of dollars to one of Canada’s largest Islamic organizations on the promise that the cash would be used to help the poor.

But only one in four dollars donated to a special pool of money at the Islamic Society of North America Canada (ISNA Canada) actually reached the needy.

Mismanagement of more than $600,000 is among the findings in a scathing audit obtained by the Star.

A “very small portion . . . is distributed to the poor and needy and the major portion is spent on the administration of the centre,” concluded the 2010 audit of the previous four years.

PERSONAL LOAN ISLAMIC IN MALAYSIA

Loan Islamic

Are you searching for personal loan / pinjaman peribadi from islamic banking institution / legal money lender / loan shark? Beware and think wisely before you choose to have a personal loan services from someone or company. Most of us now prefer to apply loan from banking institution like bank islam or hsbc amanah because it is safer and with reasonable low interest rate (interest rate terendah bagi pinjaman peribadi). So here we publish what is islamic banking and service from other money lender that we found on the net. If you have experience using any loan service provider, give your reviews here so that everybody will learn the good tips form you.

PERSONAL LOAN IN MALAYSIA? PINJAMAN PERIBADI ISLAM / ISLAMIC FINANCE

Islamic banking has emerged as a new reality in the international financial scene. Its philosophies and principles are however, not new, having been outlined in the Holy Qur’an and the Sunnah (words, action and approval of the Prophet where later put in writing by his followers and transmitted to others as “hadith”) of Prophet Muhammad (p.b.u.h.) more than 1,400 years ago. The emergence of Islamic banking is often related to the revival of Islamic financial system which is totally usury (riba) free. Riba literally means increase, addition, expansion or growth which are non-trade related e.g. a loan, advances. Technically however, there is no specific or precise definition of “riba” thus excessive profits under certain condition, is also said, may tantamount to Riba.

Islamic Banking in the modern world, generally aims to promote and develop the application of Islamic principles, law and traditions to transactions of financial, banking and related business affairs. It is also to promote investment companies to be engaged in such business activities that are acceptable and consistent within the Shariah precept. Islamic banks, by doing so, will safeguard the Islamic communities and societies from activities that are forbidden in Islam.