MBSB Bank confirmed receiving 108,284 applications for Ihsan-i syariah-compliant personal financing through the Employee Provident Fund (EPF) Account Support Facility 2 (FSA2) program as of May 8.
MBSB Bank in a statement said, of that number, 49,130 eligible applications were received with 27,202 applications having been approved involving a total financing value of RM561 million.
“The entire Ihsan-i process from the application stage to the financing disbursement stage has been done completely online without the need for the applicant to attend an MBSB Bank branch.
“The processing of this application is still actively being carried out by MBSB Bank in an effort to ensure that the applicant can receive a response from the bank promptly,” said the statement.
According to MBSB Bank, for the Ihsan-i application was unsuccessful, it was due to several factors such as the applicant’s bankruptcy status and the applicant’s high debt service ratio.
However, MBSB Bank is aware that there are applicants with bankruptcy status who have received approval and this is due to the number of applications received being very high in a short period of time, leading to system malfunctions.
“The applicants have made a declaration that they are not bankrupt when making the application,” explained the statement.
In the meantime, MBSB Bank said, in the interest of the applicants involved, it will not charge any amount for the amount of Ihsan-i financing that has been put into their savings accounts.
