The second part of the Moratorium series will cover the moratorium assistance offered by Bank Islam. In a media release dated August 2, 2020, the Chief Executive Officer of Bank Islam announced that Bank Islam will initiate additional moratorium assistance following the expiry of the six-month blanket moratorium assistance. Subsequently, Bank Islam launched the ‘Program Prihatin Bersasar’ (PPB) and ‘Program Bantuan Pembayaran Balik Bersasar Dipertingkatkan untuk Kategori B40 dan M40’.
If you are a customer of Bank Islam and would like to know more about these two initiatives, here are some key information for you:
Program Prihatin Bersasar (PPB) Bank Islam
Who Can Apply?
Below are the two main group of customers who are eligible for PPB:
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Criteria
Package
1
Those who have been retrenched in 2020, including contract workers and self-employed individuals, and have not found employment at the time of application.
Extension of the moratorium for three months
2
Those who have experienced a deduction in salary (which includes basic salary/commission/additional allowance, overtime allowance) in 2020.
Deduction in monthly repayment, equivalent to the reduction in income (for a period of six months)
However, do take note that these packages are not applicable to bankrupt individuals.
Additionally, those who fall under these categories are also eligible:
Customers who are on unpaid leave (for 12 months or less) in 2020
Husband/wife was retrenched in 2020 (applicable for joint financing only)
Self-employed individuals whose businesses are still in operation but have been affected due to the pandemic.
Self-employed individuals whose businesses were affected by the pandemic and are no longer operating.
For those who fall under these four categories, they may be given a temporary deferment of monthly repayments or a deduction in monthly repayment that is equivalent to the reduction in income, but these are subjected to the bank’s discretion.
How Can I Apply?
If you are eligible and would like to apply, here are two ways that you can submit your application:
Manual application: You may visit any of the Bank Islam branches to submit your application. Click here to find out the nearest branch to you.
What Are the Documents Needed?
Depending on if you are employed, self-employed, or a business owner, here are the list of documents that you are required to submit:
Employed Individuals
Self- Employed Individuals or Business Owners
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Criteria
Documents
1
Self-employed individuals whose businesses are still in operation but have been affected due to the pandemic.
A sworn affidavit stating the individual is self-employed, the type of business/income and the affected business/income.
2
Self-employed individuals whose businesses were affected by the pandemic and are no longer operating.
A sworn affidavit stating the individual is self-employed, the type of business, and the date of the business closure.
FAQs for PPB:
How will I know the status of my application?
The bank will notify you by normal mail or e-mail.
I have opted out of the earlier automatic moratorium scheme. Can I still apply for PPB?
Yes, you may. However, you must fulfil the eligibility criteria for PPB and your facility must be less than 90 days overdue.
Program Bantuan Pembayaran Balik Bersasar Dipertingkatkan untuk Kategori B40 dan M40
Other than PPB, Bank Islam also has launched the ‘Program Bantuan Pembayaran Balik Bersasar Dipertingkatkan untuk Kategori B40 dan M40’, or the Upgraded Targeted Repayment Assistance Programme for the B40 and M40 Categories (TRAP).
Who Can Apply?
To know if you qualify for this initiative, below are the eligibility criteria and the mechanics of the programme:
B40 Category:
Individuals who have registered in the Bantuan Sara Hidup (BSH) or Bantuan Prihatin Rakyat (BPR) database;
Individuals who are not from the B40 category, but whose spouse is a recipient/registered under the BSH/BPR database.
Eligible customers under this category can choose from either of these options:
Deferment of monthly instalment repayments for three months; or
Reduction in monthly instalment repayments up to 50% for the period of six months. (However, customers may opt for a lower reduction amount if preferred).
M40 Category:
Individuals who are registered in the Bantuan Prihatin Nasional (BPN) database.
Customers who qualify will be entitled to either one of these options, depending on which category they belong to:
For individuals who have lost their jobs: Deferments of monthly instalment repayment for three months; or
For individuals who are experiencing deductions in their own/household income: Deduction in monthly instalments, equivalent to the percentage of income reduction. Customers may enjoy this deduction for six months.
However, all individuals must comply with the following:
The financing account has been approved before October 1, 2020.
The financing account must be less than 90 days overdue, at the time when the completed application is submitted.
The individual must not be bankrupt.
Do take note that each customer is only allowed to apply for this program once throughout its duration. Any subsequent applications will be evaluated under PPB or the rescheduling and restructuring package.
Manual application via any of the Bank Islam branches. Access the list of branches here.
What are the documents needed?
B40 Category:
No documents needed.
M40 Category:
A self-declaration letter stating that the individual has lost his/her job or experienced a reduction in his/her income or overall household income due to the pandemic (depending on the type of package that the individual is applying for).
Do take note that upon approval, the bank has the right to request for these supporting documents as confirmation:
Two months’ salary slip to show the difference in income (before and after salary deduction); or
The latest detailed Employees’ Provident Fund (EPF) Statement; and/or
The latest three months banks statement
FAQs for TRAP:
Is there a deadline?
Yes, the deadline to apply for this initiative is Jun 30, 2021.
I have previously opted-out of the automatic moratorium programme but would like to apply for this initiative. Am I eligible?
Yes, you are.
How long does it take for the bank to process my application?
Bank Islam has committed to inform the status of your application within five calendar days from the time a completed application is received. You will be notified via email, SMS, or normal mail.
Should you require any further assistance, would like to gain more information, or wish to discuss more to decide on the best solution for you, you may contact Bank Islam at 03-2690 0900.
The information on this website is subject to change at any time without prior notice from Properly. Quantitative metrics are taken and used based on recency at the time of writing. While the Properly team takes information accuracy seriously, we are not liable for any losses due to incorrect information. The information provided is solely to inform users and is not in any way a form of offer or contract unless stated otherwise.
