^{Suyati Mustafa, a customer of Agrobank from Kota Kinabalu (two from right) received a cheque replica worth RM10,000 from Agrobank Kota Kinabalu Branch Manager, Lorenado Ziubin, (two from left) as the winning prize of the Ar-Rahnu "Gadai & Menang" campaign which was held in 2019/ 2020.}


KUALA LUMPUR, April 15 (Bernama) -- Agrobank announced 36 of its customers as winners of cash prize amounting to RM360,000 through the Ar-Rahnu "Gadai & Menang” Campaign throughout a 12-month campaign period between 1 November 2019 and 31 October 2020.

The campaign winners, which initially offered prizes in Umrah Packages (for Muslim customers) and Holidays for (non-Muslim customers), will now receive cash prizes of RM10,000 each through a lucky draw programme held within the campaign period.

Tengku Ahmad Badli Shah Raja Hussin, President/Chief Executive Officer of Agrobank, said the management of Agrobank has decided to convert the prizes by considering the situation of the COVID-19 pandemic throughout 2020 and 2021 as well as the transition to the endemic phase beginning 1 April 2022.

"We converted the prizes because we understand and consider the constraints and challenges of financial or health issues that customers may face during the dynamic period. Perhaps with this change of time, a cash prize of RM10,000 will be more beneficial to meet their current needs.

“We are also happy to announce that we have successfully hit our annual target for our Ar-Rahnu product through this campaign. We congratulate all the 36 customers who won this campaign; they are part of the 68% of customers who were qualified to participate in the campaign,” he said today.

He said that for the year 2022, Agrobank will introduce a new Ar-Rahnu campaign which kicks starts this April, known as the Ar- Rahnu Referral Customer Campaign, where customers will receive a cash reward for every successful referral.

Ar-Rahnu Financing is a short-term Islamic Pawnbroking Facility that provides the customer with instant cash access by accepting gold items as collateral, based on Shariah, that applies the Tawarruq (Commodity Murabahah) and Rahn (Collateral) concepts as its underlying Shariah contracts.

The Agrobank Ar-Rahnu financing, offers competitive profit rate to customer subject to minimum eligibility requirements for personal consumption, business working capital or any other agricultural or non-agricultural activities to elevate the socioeconomic status of the community.

Agrobank offers a financing margin of up to 80% of the current value of gold jewellery (campaign basis, subject to terms and conditions). The storage fee charged is as low as RM0.55 per month.

ABOUT AGROBANK

Agrobank is a leader in agriculture financing and values-based banking based (VBI)* in Malaysia. Established in 1969, Agrobank is actively involved in charting the growth and development of Malaysia’s agriculture industry by offering shariah compliant products and solutions across various customer segments including micro, small, medium and large retail and business customers. Agrobank is a full-fledged Islamic bank since 1st July 2015.

As a market driven, customer centric DFI (Development Financial Institution) with a primary focus on strengthening the agriculture sector in Malaysia, Agrobank strikes an equal balance to its developmental and commercial roles to benefit the agriculture sector. Agrobank provides a comprehensive repertoire of financing solutions for the agriculture community; that includes upstream activities related to primary food and commodities-based agriculture activities to downstream activities such as processing, marketing and distribution of agricultural products.

Agrobank also offers retail banking financing solutions to improve the well-being of the agriculture community. This is done through its network of 206 touchpoints as of 2021 which include 139 branches, 32 kiosks, 19 commercial centers and 16 other touchpoints.

In 2019, Agrobank celebrated its golden jubilee Anniversary, as it marks 50 years of its proud establishment developing the agro industry.

www.agrobank.com.my

*VBI or value-based intermediation is an initiative by Bank Negara Malaysia (BNM) which aims to improve the products and services offered by Islamic financial institutions towards a better facilitation of entrepreneurship, community well-being, sustainable environment and economic growth, without compromising on shareholders’ returns

Issued by Corporate Communications Department, Agrobank

SOURCE: Agrobank

FOR MORE INFORMATION, PLEASE CONTACT: 
Name: Shahreen Rahim
Section Head of Public Relations
Corporate Communications Department, Agrobank
Tel: 03-2731 1660 (ext 1660) / +6012-943 6217
Email: shahreen.rahim@agrobank.com.my

Name: Rasheffa Rashid
Executive, Public Relations
Corporate Communications Department, Agrobank
Tel: 03-2731 1660 (ext 1650) / +6019-272 9907 
Email: rasheffa@agrobank.com.my

--BERNAMA