MBSB first to announce Account 2 Support Facility for eligible EPF members

• MBSB, in a statement on Thursday (April 6), said its shariah-compliant facility Ihsan-i will be offered to EPF members who are between 40 and 55 years of age, with a minimum of RM3,000 in their Account 2 and EPF i-Account holders, beginning April 7, 2023.

PETALING JAYA (April 6): MBSB Bank Bhd appears to be the first to announce an Employees Provident Fund (EPF)-backed loan, or the Account 2 Support Facility (FSA2), for members aged between 40 and 55.

MBSB, in a statement on Thursday (April 6), said its shariah-compliant facility Ihsan-i will be offered to EPF members who are between 40 and 55 years of age, with a minimum of RM3,000 in their Account 2 and EPF i-Account holders, beginning April 7, 2023.

"Ihsan-i is a personal financing facility by MBSB Bank that comes with a competitive rate for EPF members," said the Islamic Bank licensed under the Islamic Financial Services Act 2013.

MBSB Bank group chief executive officer Datuk Nor Azam M Taib said, "We offer financing up to RM50,000 with a payment period of up to 10 years. The monthly payment for Ihsan-i for the first year is lower as customers only need to pay the profit rate."

Ihsan-i by MBSB Bank is based on the shariah concept of Tawarruq, which comes with benefits such as low-profit rate, no processing fee, and no early settlement fee.

Ihsan-i also provides rebate, or Ibra', on the bank's profit rate if the payment of the financing balance is settled earlier than the agreed period.