Professional Documents
Culture Documents
05 Abi
05 Abi
PRELIMINARY ................................................................................................1
PREAMBLE ................................................................................................................1
1. Effective Date......................................................................................................4
2. Purpose ................................................................................................................4
3. Coverage..............................................................................................................4
4. Interpretation ......................................................................................................4
PART B:
22. Delivery.............................................................................................................. 23
23. Settlement......................................................................................................... 23
24. Transactions under Sell and Buy Back Agreements (SBBA)............. 24
PART E:
APPENDICES............................................................................................... 25
BNM/RH/GL/007-6
PART A:
Guidelines on Accepted
Bills-i
Page
1/37
PRELIMINARY
PREAMBLE
1.
2.
3.
There are two types of financing under the AB-i facility, namely:(i)
(ii)
4.
BNM/RH/GL/007-6
5.
Guidelines on Accepted
Bills-i
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Export/local sales
6.
7.
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8.
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BNM/RH/GL/007-6
1.
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Effective Date
2.
Purpose
3.
Coverage
4.
Interpretation
BNM/RH/GL/007-6
Guidelines on Accepted
Bills-i
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BNM/RH/GL/007-6
Guidelines on Accepted
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BNM/RH/GL/007-6
PART B:
5.
Guidelines on Accepted
Bills-i
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GENERAL GUIDELINES
(i)
(ii)
(iii)
Once the bank is satisfied that the documents are in order and
the AB-i complies with the terms of the AB-i facility and all
applicable conditions for the creation of AB-i specified in these
Guidelines, the bank shall:
(a)
(b)
6.
6.1
6.2
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(ii)
(iii)
Electricity
purchased
from
independent
power
producer.
Exemption will be granted on case-by-case basis.
6.4
BNM/RH/GL/007-6
(iii)
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6.5
(ii)
6.6
7.
Documentary Requirements
7.1
BNM/RH/GL/007-6
(ii)
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(iii)
(iv)
7.2
(i)
(ii)
(b)
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(c)
(d)
(iii)
7.3
(i)
(ii)
Customers
provide
an
undertaking t o t h e
(iv)
7.4
BNM/RH/GL/007-6
7.5
Guidelines on Accepted
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(i)
by reprographic systems;
(ii)
(iii)
7.6
(i)
(ii)
7.7
BNM/RH/GL/007-6
8.
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8.1
8.2
(ii)
8.3
9.
9.1
BNM/RH/GL/007-6
(i)
Guidelines on Accepted
Bills-i
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(ii)
(iii)
(b)
9.2
(ii)
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(iii)
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10.
The aggregate face value of the AB-i drawn does not exceed
the financial value of the transaction;
10.2
10.3
11.
Commission
11.1
11.2
of
commission
shall
be
determined
by
the
BNM/RH/GL/007-6
PART C:
12.
Guidelines on Accepted
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with
the
specifications
and
conditions
for
the
13.
(ii)
(iii)
13.2
a resident (s); or
(ii)
a non-resident (s)
BNM/RH/GL/007-6
13.3
Guidelines on Accepted
Bills-i
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14.
14.1
14.2
An AB-i drawn to finance purchases from a resident or a nonresident (including importation, whether or not under a letter of
credit), shall be subject to the following additional conditions:
(i)
(b)
(c)
(ii)
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(iv)
The acceptor of the AB-i may discount the AB-i with the
drawing bank, or with another person if the purchase
has been paid for, in which case the acceptor is entitled
to receive the sales proceeds.
(v)
15.
(i)
(ii)
(iii)
BNM/RH/GL/007-6
15.2
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Bills-i
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a resident (s); or
(ii)
a non-resident (s)
16.
(ii)
(iii)
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(iv)
Guidelines on Accepted
Bills-i
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16.2
The drawer of the AB-i may sell the AB-i with the accepting
bank or with another person.
16.3
The accepting bank shall collect from the purchaser (of the
goods) the sales proceeds on behalf of the supplier, if so
requested by the supplier.
16.4
17.
Sales of an AB-i
17.1
The drawer of an AB-i may sell the AB-i with any person
except that, in the case of financing purchases, the first
person to sell the AB-i must be the drawing bank, if the
acceptor has not yet paid for the purchase.
17.2
The bearer of an AB-i may resell the AB-i with any person.
17.3
P=
FV
1-
r t
36500
BNM/RH/GL/007-6
Guidelines on Accepted
Bills-i
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where,
P
FV
18.
18.2
18.3
19.
BNM/RH/GL/007-6
RA =
FV
1-
Guidelines on Accepted
Bills-i
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r t
36500
where,
RA
Redemption amount
FV
Face value
t
19.2
20.
Authentication
An accepting/drawing bank must be prepared to authenticate its own
AB-i upon the request of the bearer during banking hours.
PART D:
MARKET
21.
Trading Hours
21.1
The trading hours for same day value in Kuala Lumpur for
transactions between licensed financial institutions and other
persons shall be from 9.00 a.m. to 12.00 noon from Monday
to Friday, except public holidays in Kuala Lumpur.
21.2
Licensed
financial
institutions
may
transact
among
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22.
Delivery
22.1
22.2
22.3
22.4
22.5
Where the buyer and the seller are both licensed financial
institutions, delivery shall be made not later than 11.00 a.m.
on the first working day following the value date of the
transaction or such other period as may be mutually agreed,
which in any case, shall not exceed three working days from
the value date of the transaction.
23.
Settlement
BNM/RH/GL/007-6
23.1
Guidelines on Accepted
Bills-i
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23.2
Where both the buyer and the seller are licensed financial
institutions, settlement shall conform to the RENTAS
Members Rules or such other method as may be mutually
agreed upon.
24.
24.1
24.2
24.3
BNM/RH/GL/007-6
PART E:
Guidelines on Accepted
Bills-i
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APPENDICES
5/8
1/2
Accepted on
AB-i No.00001
Accepted Bills-i
Due date
To Imports and Purchases Malaysia Sdn. Bhd.,
123, Jalan Iktisad, 68700 Petaling Jaya
(Importer/ Purchaser)
At
days after sight without days of grace pay to
the order of ourselves the sum of Ringgit
RM
Drawn to finance (Purchase from resident/non-resident)
of goods described in the records of the drawing bank.
For and on behalf of
ABC Bank Berhad. [Drawing bank]
Dated ____________
1/8
Note: The Magnetic Ink Character Recognition should comply with Cheque Design Standards and
Specifications issued by Bank Negara Malaysia on 1 September 2006. However, the Check Digit
and Account Number are optional for AB-i.
BNM/RH/GL/007-6
Guidelines on Accepted
Bills-i
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AB-i No.00001
Accepted Bills-i
1/2
Accepted
on
Payable at Commercial Banking Berhad.
789, Jalan Perbankan, Petaling Jaya.
for and on behalf of
ABC Bank Berhad.
[Accepting Bank]
Due date
To ABC Bank Berhad.
123, Jalan Kewangan, 54200 Kuala Lumpur
[Accepting Bank]
At
days after sight without days of grace pay to
the order of ourselves the sum
of Ringgit
RM
5/8
1/8
Note: The Magnetic Ink Character Recognition should comply with Cheque Design Standards and
Specifications issued by Bank Negara Malaysia on 1 September 2006. However, the Check Digit
and Account Number are optional for AB-i.
BNM/RH/GL/007-6
Guidelines on Accepted
Bills-i
Page
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1/2
1/4
1/4
1/8
1/8
Endorsement 1
Endorsement 2
Endorsement 3
3/8
Endorsement 4
7/8
2 4/8
Endorsement 5
5/8
5/8
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IV
1+
rt
_____
36500
FV
IV
Invoice value
Where,
Example
If an AB-i of RM1,000,000 IAB is financed under AB-i-Purchase for 90 days
at 6.0% per annum, the financial value of the AB-i is derived as follows:-
Proceeds
RM1,000,000
1 + 6.0 x 90
______
36500
RM1,000,000 ( 1 + 0.0147945 )
RM1,000,000 ( 1.0147945 )
RM1,014,794.52
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FV
1-
r t
36500
Where,
P
Market price
FV
Example
An AB-i of RM1,000,000 with 90 days to maturity is sold or purchased at
6.0% per annum, the price is derived as follows:Price =
RM1,000,000
1 - 6.0 x 90
_______
36500
RM1,000,000 ( 1 - 0.0147945 )
RM985,205.50
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FV
1-
r t
36500
Where,
Market price
FV
Example
On 13/5/2002, Bank A enters into an agreement with customer B to sell ABi which matures on 27/6/2002 with a separate undertaking to purchase the
same on 16/5/2002. The rate of profit is 3.00%.
Price
RM 2,000,000.00
RM 2,000,000 ( 1 - 0.00369863 )
RM 2,000,000 ( 0.99630137 )
Total proceeds
paid to Bank A
on 13/5/2002 =
1 - 3.00 x 45
________
36500
RM 1,992,602.74
BNM/RH/GL/007-6
Price
RM 2,000,000.00
RM 2,000,000 ( 1 - 0.00345205 )
RM 2,000,000 ( 0.99654795 )
Total proceeds
paid to Bank A
on 16/5/2002 =
RM 1,993,095.89
Guidelines on Accepted
Bills-i
1 - 3.00 x 42
________
36500
Page
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BNM/RH/GL/007-6
Guidelines on Accepted
Bills-i
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(i) The goods listed below are described in accordance with The Malaysian Trade
Classification and Custom Duties Order 2002 - Practical Guide to Customs
Duties Order"
(ii) Section refers to the relevant section of the Practical Guide.
(iii) Code refers to the relevant heading/sub-heading given in the Practical Guide.
(iv) The list is subject to revision, if necessary, on verification by Jabatan Kemajuan
Islam Malaysia.
Section Heading/SubHeading
1
1.03
Live swine
Listed Goods
01.01.00.100
Race horses
01.01.19.100
Race horses
2.03
02.06.30
02.08.20
02.09.00
02.10.11
02.10.12
02.10.19.100
Bacon
02.10.19.200
Salted pork
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Section Heading/SubHeading
Listed Goods
05.01
05.02.10
05.04
05.06
05.11.10
Bovine semen
15.01
15.02
15.03
15.06
15.16.10
15.17.90.200
Imitation lard
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Guidelines on Accepted
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16.02.10
Homogenised preparations
16.01.10.120
Pork
16.02.20
16.02.41
16.02.90.200
22.03
22.04
22.05
22.06
22.07
BNM/RH/GL/007-6
Guidelines on Accepted
Bills-i
Section Heading/SubHeading
Page
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Listed Goods
spirits, denatured, of any strength
22.08
41.03.30
41.06.31
Swine - Tanned or crust hides and skins (in the wet state
including wet blue)
41.06.32
Swine - Tanned or crust hides and skins (in the dry state crust)
21
97.03
97.05