Bank Muamalat To Offer Cash-i Support Facility Account 2 Financing For EPF Members

Alex Cheong Pui Yin

14th March 2024 - 2 min read

Bank Muamalat has announced that it will be rolling out a new personal financing product called Cash-i Support Facility Account 2 (Cash-i FSA2), intended specifically for eligible members of the Employees Provident Fund (EPF). It is set to be made available starting from 16 March 2024.

According to the bank, Cash-i FSA2 will allow all qualified EPF members between the age of 40 to 53 to apply for financing from RM3,000 to RM50,000, provided they have a minimum gross income of RM2,000 per month and a minimum balance of RM3,000 in their EPF Akaun 2. The shariah-compliant facility also has a maximum repayment period of up to 10 years, with a profit rate of 4.75% p.a..

Interested individuals will be able to apply for the facility online via the Muamalat Application Platform (MAP) when the offering is live. Alternatively, you can visit any Bank Mualamat branches to request for assistance, if necessary.

President and chief executive officer of Bank Muamalat, Khairul Kamarudin said that the introduction of Cash-i FSA2 shows that the bank is aware of the public’s financial uncertainty, and that they are ready to help where possible.

“By enhancing financial capacity and accessibility through the delivery of efficient services, Bank Muamalat not only facilitates community access to financing but also invigorates the market to meet household demands,” said Kamarudin.

Bank Muamalat is the latest in a line of banks that have rolled out personal financing offerings under the EPF Akaun 2 Support Facility, which was officially launched back in April 2023. This facility was proposed by Prime Minister Datuk Seri Anwar Ibrahim as an alternative to another EPF withdrawal to help Malaysians who were still struggling financially from the impact of Covid-19 and other calamities. Other banks that have also introduced similar offerings include Bank Simpanan Nasional, MBSB Bank, Maybank, and CIMB Bank.

(Sources: Malay Mail, Harian Metro)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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