AEON Bank has added two Shariah-compliant financing products for companies seeking growth funding and working capital.
The digital Islamic bank introduced Term Financing-i and Working Capital Financing-i under AEON Bank Biz, its business banking vertical.
Both facilities are based on the Shariah principle of Murabahah via Tawarruq.
Term Financing-i is aimed at medium to long-term business needs such as growth projects, asset purchases and infrastructure expansion.
The facility offers repayment tenures of up to 60 months, requires no collateral, and has no hidden charges on application or utilisation.
Approved funds are disbursed into the customer’s AEON Bank Biz Business Current Account-i.
Working Capital Financing-i, the other new product, provides a flexible credit line for short-term cash flow needs.
It offers multiple disbursement options, an approved financing tenure of up to three years, and payment periods of up to 12 months per disbursement.
Customers can also pay the principal to refresh their approved limit without making repeated financing applications.
Disbursements are managed fully online and deposited into the customer’s AEON Bank Biz Business Current Account-i.
AEON Bank Biz already supports business current accounts, DuitNow and RENTAS payments, DuitNow QR settlement, Biz Term Deposit-i, and multi-user approval workflows.
Featured image: Edited by Fintech News Malaysia, based on image by ahmedemad11 via Magnific
