ABM and AIBIM Offer Six-Month Moratorium for SMEs and Individuals

The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) and Association of Banks in Malaysia (ABM) said that their member banks would be offering a six-month moratorium from July 7, in line with the government's PEMULIH assistance package.

In a joint statement, the associations said they are aware that the people continue to face financial difficulties due to the current lockdown under the National Recovery Plan's Phase 1.

Their member banks will be providing a six-month moratorium on all credit facilities instalments (except credit cards) for everyone affected by the pandemic on an opt-in basis, including:

• All B40, M40 and T20 borrowers/customers,
• Microenterprises, 
• Small and medium enterprises (SMEs).

For credit card facilities, they said banks would offer to turn the outstanding balances into a three-year term loan or financing with decreased interest/profit rates to help borrowers better control their debt.

Under the scheme, borrowers and customers will need to contact their banks to opt in to benefit from the moratorium. The banks will provide automatic approval to all borrowers and customers. 

The approval process will not require any supporting documentation, making the process easy and seamless for borrowers. 

The moratorium applies to loans or financing approved before July 1, 2021, and not in arrears for over 90 days on the date the moratorium request is submitted to the bank. 

 

How to apply

Borrowers who want to apply for this moratorium can contact their banks starting July 7 and onwards. Due to current movement restrictions, borrowers are strongly encouraged to contact their banks via official digital channels such as:

• The banks' website,
• E-mail, or,
• Over the phone.

If they cannot use the banks' digital channels, they can also visit the bank branches to apply for the moratorium. But, they are advised to check on their respective banks' websites for information on any operating hours changes for over-the-counter services due to the movement restrictions. 

However, due to the possible large volume of submissions and the lockdown constraints on working protocols, there may be operational challenges for the banks. 

Borrowers can rest assured of the member banks' total commitment to ensure that they will address all issues on a timely basis. 

The moratorium will not affect the borrowers' credit scores. 

Credit score will remain unaffected.

As declared by Bank Negara Malaysia, borrowers/customers' Central Credit Reference Information System (CCRIS) records will stay unaffected by opting in for this moratorium.

They said borrowers/customers would not need to worry about the effect on their future credit profile. 

Additionally, they said that Credit Counselling and Debt Management Agency (AKPK) is prepared to offer the necessary guidance and advice to individual borrowers/customers and microenterprises, including debt restructuring options. 

Microenterprises can also request assistance via AKPK's dedicated micro-business helpdesk at www.akpk.org.my/microhelpdesk. The online helpdesk offers free financial advice and facilitates submissions for repayment assistance. 

Any affected borrowers who have had their moratorium request rejected by the banks or are still facing issues after consulting with their banks can contact BNMTELELINK at bnm.my/RAsurvey.

Borrowers/customers should be aware of scammers and only opt-in for the moratorium via official bank channels.

According to them, AIBIM and ABM member banks do not appoint or engage third parties or agents for moratorium purposes. Therefore, borrowers/customers are told not to deal with any third parties claiming to be agents or representatives of the banks on matters related to the moratorium.

 

Here are ABM and AIBIM Member Banks:

• Affin Bank
• BNP Paribas
• HSBC
• MUFG Bank (Malaysia) Berhad
• Scotiabank
• Alliance Bank
• China Construction Bank (Malaysia)
• India International Bank (Malaysia) Berhad
• OCBC Bank
• UOB
• AmBank
• CIMB Bank
• ICBC
• Public Bank
• Bangkok Bank
• Citi
• JPMorgan Chase
• RHB
• Bank of America
• Deutsche Bank
• Maybank
• Standard Chartered 
• Bank of China
• Hong Leong Bank
• Mizuho 
• SMBC
• Bank Islam
• Bank Muamalat
• MBCSM Bank

You may also check the member banks here:

• AIBIM
• ABM

Source: The Edge Markets

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