229 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 FINANCIAL STATEMENTS 17. Islamic financing Group Fund 2023 2022 2023 2022 RM RM RM RM Non current Term Financing-i ("TF-i") (Note (a)) - 118,000,000 - 118,000,000 Business Financing-i ("FF-i") (Note (b)) 70,000,000 70,000,000 70,000,000 70,000,000 Sukuk Ijarah (Note (c)) 455,000,000 - - - 525,000,000 188,000,000 70,000,000 188,000,000 Less: Transaction cost (3,318,926) (937,578) (478,659) (937,578) 521,681,074 187,062,422 69,521,341 187,062,422 Current Sukuk Ijarah (Note (c)) - 451,000,000 - - Term Financing-i ("TF-i") (Note (a)) 118,000,000 - 118,000,000 - 118,000,000 451,000,000 118,000,000 - Less: Transaction cost (65,675) (792,120) (65,675) - 117,934,325 450,207,880 117,934,325 - Total Islamic financing 639,615,399 637,270,302 187,455,666 187,062,422 (a) TF-i The TF-i profit is payable over a period of 60 months from the date of first disbursement. The effective profit rate for the TFi will be based on COF which is based on the Bank’s COF + 1.45% per annum for the duration of the TF-i. The average effective profit rate for the TF-i is 5.07% (2022: 4.04%) per annum. The principal amount is to be expected to be paid in March 2024. The TF-i has a significant covenant in which the subsidiary shall at all times, maintain the following criteria: (i) The financing payment cover ratio (“FPCR”) of not less than 1.25 times; (ii) Total debts and financing over total assets value of not more than 50%; and (iii) Minimum security cover of 1.25 times. The financing is secured by the investment properties amounting to RM168,780,000 (2022: RM165,070,000) as per disclosed in Note 10. (b) BF-i The BF-i profit is payable over a period of 72 months from the date of first disbursement. The effective profit rate for the BFi will be based on COF which is based on the Bank’s COF + 0.60% per annum for the duration of the BF-i. The average effective profit rate for the BF-i is 5.53% (2022: 3.69%) per annum. The principal amount is to be expected to be paid in September 2026.
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