36 Agrobank Customers Bagged Cash Prizes Worth RM360,000 Through Ar-Rahnu Campaign During Pandemic Period

KUALA LUMPUR – Agrobank announced 36 of its customers as winners of cash prizes 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 start 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 a competitive profit rate to customers 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 jewelry (campaign basis, subject to terms and conditions). The storage fee charged is as low as RM0.55 per month.