F.A.Q.
Frequently Asked Questions
Onboarding :
- Supplier registers with FinansHere.
- FinansHere sends documentation for Supplier’s execution.
Application:
- Supplier submits the Buyer’s Purchase Order to FinansHere.
- FinansHere sends Invoice Financing Offer to Supplier for acceptance.
- Upon acceptance of Offer, Supplier arranges for Notice of Assignment to be acknowledged by Buyer.
Facility Drawdown:
- Supplier submits the invoice to FinansHere.
- Post validation with Buyer, FinansHere performs the Tawarruq transaction.
- Facility drawdown is made to the Supplier’s account.
- Supplier’s payment obligation commences up until the full receipt of invoice proceeds from the Buyer.
Collection:
- Buyer remits the invoice proceeds to FinansHere.
- FinansHere performs settlement calculation and thereafter distributes the remaining proceeds to the Supplier.
No, the financing is not able to proceed without the Notice of Assignment acknowledgement by the Buyer.
Private Limited Company (Sdn Bhd) and sole proprietorship.
The Shariah principle applied for FinansHere is Commodity Murabaha via Tawarruq arrangement which refers to two sale and purchase contracts. The first involves the sale of an asset by FinansHere to the Supplier on a deferred basis. Subsequently the Supplier (through FinansHere as its Agent) will sell the same asset to a third party to obtain cash.
The Shariah mechanics involved are briefly depicted as follows :
- FinansHere buys the commodity (which is used as underlying asset at same value as financing amount known as cost price) from a commodity broker on spot basis (FinansHere now owns commodity);
- FinansHere sells the commodity to the Supplier at cost plus mark-up (Murabahah Sale Price) on deferred payment basis (instalments). Upon the purchase, the Supplier now owns the commodity;
- As owner of the commodity, the Supplier, through FinansHere as its Agent sells the commodity to a third party broker for cash; and
- FinansHere releases the sale proceeds (financing amount) to the Supplier.
Other than the negligible one-time processing fee upon onboarding, the financing charge applicable to the Supplier will be as follows :
- A Murabahah profit rate over the financing amount which varies depending on the Buyer’s credit profile; and
- a Platform fee which is fixed at a flat 1.5% p.a. on the financing amount.
FinansHere will offer a margin of financing of up to 90% of the invoice value.
Subject to all documents and processes being in order, the financing may be credited into the Supplier’s account within 3 working days from the date of invoice submission.
The Supplier will be subject to ta’widh (compensation) as late payment charge on actual number of days the financing remains unpaid.
We may accelerate your payment schedule, and we make enforce all our legal rights through recourse or non-recourse legal options against the Supplier.
Please discuss with us on how best we can accommodate your needs.
FinansHere works alongside institutional or sophisticated investors who are from a variety of industries and background, thus allowing for a steady and continuous flow of financing in any economic condition.
For the moment, FinansHere only accepts Ringgit Malaysia invoices.
- Personal Account Responsibility
Users are responsible for the security of their accounts and passwords. Accounts and passwords are normally assigned to single users and are not to be shared with any other person. Users are responsible for any activity carried out under their accounts. - Unauthorized Use
Users must not permit or assist any unauthorized person to access the Group’s system. Public users are not allowed to use any of the Group’s systems without appropriate authorization. - Unauthorized Software
No one shall copy, install, or use any software or data files in violation of applicable of the Group’s copyrights or license agreements into their computer. - Denial of Service (Viruses)
No one shall create, install, or knowingly distribute a computer virus, “Trojan horse,” or other surreptitiously destructive programs on any of the Group’s computer or network facility, regardless of whether any demonstrable harm results. - Unauthorized Computer Equipment
Without specific authorization by the System Administrator, users must not physically or electrically attach any foreign network device including routers, hubs, or wireless access points to the Group’s system.
- Removal of Equipment, Documents & E-mail
No one without specific authorization shall read, alter, or delete any other person’s computer files or electronic mail. This rule applies regardless of whether the operating system of the computer permits these acts. Users also must not remove any of the Group’s owned or administered equipment. - Security
Users must not defeat or attempt to defeat any of the Group system’s security, for example, by ‘cracking’ or guessing User identifications or passwords. - Unauthorized Data Access
Users must not access or attempt to access or change data on the Group’s system that they are not authorized to access or change. - Modification of Data or Equipment
Without specific authorization, users of the system must not cause, permit, or attempt any destruction or modification of data or computing or communications equipment, including but not limited to alteration of data, reconfiguration of control switches or parameters, or changes in firmware. This rule protects data, computing, and communications equipment owned by the Group, or any other person or entity. ‘Specific authorization’ refers to permission by the Systems Administrator of the equipment or data to be destroyed or modified.
SOCIAL MEDIA GUIDELINES
The Group allows employees to access their personal accounts at work. But, we expect them to act responsibly and ensure their productivity isn’t affected. Using social media excessively while at work can reduce efficiency and concentration. Whether employees are using their accounts for business or personal purposes, they may easily get sidetracked by the vast amount of available content.
i. We advise our employees to:
– Use their common sense. If employees neglect their job duties to spend time on social media, their decline in productivity will show on their performance reviews.
– Ensure others know that personal accounts or statements don’t represent our company. Employees shouldn’t state or imply that their personal opinions and content are authorized or endorsed by the Group. We advise using a disclaimer such as “opinions are my own” to avoid misunderstandings.
– Avoid sharing company & intellectual property like trademarks on a personal account without approval. Confidentiality policies and laws always apply.
– Avoid any defamatory, offensive, or derogatory content. It may be considered as a violation of our Group if directed towards colleagues, clients, or partners.
ii. Representing our Group
Some employees represent our Group by handling corporate social media accounts or speak on our Group’s behalf. We expect them to act carefully and responsibly to protect our Group’s image and reputation. Employees should:
– Be respectful, polite and patient, when engaging in conversations on our Group’s behalf. They should be extra careful when making declarations or promises towards customers and stakeholders
– Avoid speaking on matters outside their field of expertise when possible. Everyone should be careful not to answer questions or make statements that fall under somebody else’s responsibility
– Avoid deleting or ignoring comments for no reason. They should listen and reply to criticism
iii. Disciplinary Consequences
We’ll monitor all social media postings on our corporate account.
We may have to take disciplinary action leading up to and including termination if employees do not follow this policy’s guidelines. Examples of non-conformity with the employee social media policy include but are not limited to:
– Disregarding job responsibilities and deadlines to use social media
– Disclosing confidential information through personal or corporate accounts
– Directing offensive comments towards other members of the online community.
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