Consumer & Retail Banking

Consumer & Retail Banking
Article

2020-01-15

One of the characteristics of people who are financially wise is to have long-term deposits. Having funds for children's tuition since the child is still in elementary school, for example, is a wise move. These deposits should remain intact and develop in the form of deposits or savings until they are used later. However, there are sometimes short-term needs that also need to be met. If this happens, what should be done? Should these long-term deposits be redeemed?

Disbursing long-term savings for short-term needs should not be done. There is a risk that the funds will not be able to accumulate in the original amount, and there will also be a loss due to the loss of development opportunities through savings / deposit profit sharing schemes. There is a better and more convenient solution, namely with a cash-backed financing scheme.

With a cash-backed financing scheme, the Customer can utilize deposits or savings as collateral to obtain financing. The repayment of this financing can be paid in installments with a tenor that can be chosen by the Customer, so that the installments do not interfere with monthly cash flow. Profit margin is very light and competitive, especially when compared to conventional loan interest.

For clarity, let's look at the following illustration.

There was a customer of Bank Muamalat named Pak Tono. He has prepared a long-term education fund for his two children, Nadya and Fadhil, in the form of deposits at Muamalat Bank. One day, Mr. Tono saw that his eldest son, Nadya, was often sick due to fatigue because he had to travel a considerable distance home and go to campus by public transportation. Pak Tono is thinking of buying a motorcycle for Nadya. In addition, Fadhil, who is currently in junior high school, needs a laptop to do his schoolwork. Whereas Mrs. Tono, Mr. Tono's wife, is planning to start a culinary business and needs a new stove to support her business.

Mr. Tono then submitted a cash-backed financing request to Bank Muamalat to meet his three short-term needs. The deposit is bound as collateral, and Mr. Tono receives financing according to his needs. With this funding, Mr. Tono is able to provide a motorcycle for Nadya, a laptop for Fadhil and a stove for his wife, while his long-term savings remain intact, safe, and even continue to grow with profitable profit-sharing schemes. Pak Tono can also choose the tenor of the financing installments so that his monthly installments do not burden the household's cash flow. An easy and very convenient solution for Mr. Tono, right? Long-term fund reserves remain safe, short-term needs are also met.

Let's immediately visit the nearest Muamalat Bank Branch Office and ask our officers for cash-backed financing solutions!

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