This article answers common questions about AHA Smart Cash, our Shariah-compliant digital financing product.
1. What is AHA Smart Cash?
AHA Smart Cash by Wawasan Cojaya Sdn. Bhd. ("we", "us" or "our") is a Shariah-compliant digital financing solution that provides customers with greater financial flexibility to meet their needs.
Under this product, a financing limit is approved for the customer, within which the customer may request and enter into Shariah-compliant transactions. The product is structured as a Commodity Murabahah arrangement, where the customer requests us to facilitate the purchase and sale of commodities through a commodity trading platform for each financing request made within the approved limit.
2. Is this product certified Shariah-compliant?
Yes. The Shariah concept applied is Commodity Murabahah via Tawarruq arrangement. The product is structured as a Commodity Murabahah arrangement, where you request us to facilitate the purchase and sale of commodities through a commodity trading platform for each request of AHA Smart Cash financing.
3. What is the profit rate charged on this facility?
The fixed profit rate is 3.00% per month for financing between RM100 and RM50,000.
4. Why is the financing amount higher than the chosen disbursed amount?
This is due to upfront deductions, which include:
| Fee Component | Amount (MYR) | Description |
|---|---|---|
| Wakalah Fee | RM20 | Fee for agency appointment and administration to enter into Tawarruq transaction on behalf of customer |
| Stamping Fee | RM10 | As per the Stamp Act 1949 |
| Commodity Trading | RM10 | Cost of trading commodity under Commodity Trading Platform |
| Processing Fee | RM70 | Study, administrative, operational, and procedural costs associated with the evaluation, risk assessment, approval, and documentation |
| Total Fees | RM20–110 | Fees are financed by the Financier and form part of the total financing amount. |
5. Can I apply for more than RM50,000?
Currently, the maximum financing amount offered is RM50,000. This limit may be revised in the future based on internal policy or customer payment history.
6. How long is the payment period?
The financing is available for a fixed term from 30 days (1 month) up to 60 months. You must pay the full amount by the due date.
7. Are there any charges for late payment?
A late payment charge of 10% per annum of the overdue outstanding instalment is imposed in the event of late payment.
8. Can I make early settlement?
Yes. You may pay early at any time. However, you will not be entitled to any rebate (ibra') for any early partial or full repayment.
9. Will this facility affect my credit score?
Yes. We report to relevant credit reporting agencies. Prompt payment will positively impact your credit profile, while late or non-payment may affect your ability to obtain future financing.
10. What are the eligibility criteria?
- Malaysian citizen aged between 18 to 60 years
- Minimum income (subject to internal policy)
- Valid identification (MyKad)
11. Can I apply if I am self-employed or work informally?
Yes, approval is subject to internal credit assessment.
12. What documents do I need to provide?
MyKad only.
13. How can I use the financing amount?
Upon approval and availability of your Financing Limit, you can withdraw any amount between RM100 and RM50,000.
14. How do I receive the financing amount?
The disbursed amount will be credited to your bank account once the application is approved and commodity trading transactions are completed.
15. How often can I withdraw the financing amount?
You can withdraw funds as often as you like, as long as you have available Financing Limit. There are no restrictions on the number of financing requests.
16. How do I make the payment?
Payment can be made via the AHA app, using any of the following methods:
- Online banking
- FPX payment link
- E-wallet
17. What happens to my financing limit after I make a payment?
After each payment, your available Financing Limit is recalculated based on your credit history and current financial obligations.