Are they Muslims?i dont know man, surely there must be Sabah/Sarawak Bumiputeras that are Muslims.

But for these Bumiputeras, they can open ASB and ASBF regardless of their religion. ASB stands for Amanah Saham Bumiputera after all, it is open to all

to all Bumiputreas that is.

Also add Thai, Portugese descenct. Also Muslims including Muslim converts

Correct!

Basically, to qualify to open ASB, you need to fulfil any of the following:

1. Bumiputra
2. Thai descent
3. Serani descent
4. Muslim (converts too)

This is an easy matter

Non-muslims and Muslims would have different laws. For the non muslims, your will supersede everything, but it can be challenged in court.

but let's talk about passing away and ASBF itself. Once a person is dead, the bank is not automatically made known of. In the case of ASBF, if you do not have any standing instruction, your account would default and the certificate automatically sold off, because the bank has full rights to your certificate, including selling it off in the event of the aforementioned default

If there is partial insurance coverage and the death of the account holder is made known of: the beneficiaries, the executor (if there is a will/wasiat), or the administrator (person elected to admin the estate in the event of no will/wasiat) will have to inform the insurance company (HL Assurance, Etiqa, etc.) and the bank about it and have them make payouts to the ASBF account;

Following all that, with or without sufficient insurance/takaful coverage, the ASBF will still be closed based on the redemption of the certificate; there is almost full guarantee that there won't be any outstanding loan as the account outstanding balance would likely be lower than the certificate size i.e. after 5 years out of 40-year tenure @ 4.80% p.a., an RM200k financing would have an outstanding of 188k, since the ceritficate size is RM200k, there would in fact be an excess

This excess and whatever distribution (misnomer: dividend) would be part of the deceased estates and will be subdivided as per the law, including civil estate inheritance and faraid law, as well as Hibah

Correct. The insurance/takaful is just there to settle the ASBF account that you have with the bank. The distribution happens late

Hibah Amanah/Pengisytiharan Amanah (HAPA) is created to help with the nomination and distribution of the left over assets under ASNB. This is quite helpful for the muslims as the Faraid law may take precedence over their wasiat. Hibah, as mentioned can supersede even the faraid laws. Whomever a Muslim depositor names in the HAPA would be the sole owner (not administrator) of the funds in the deceased ASB or any ASNB funds for that matter

This post has been edited by wild_card_my: Jul 17 2020, 09:22 PM

Just add the accrued interests based on (interest rate/365) x outstanding pre-moratorium x number of chargeable-days to the outstanding balance, tenure remains the same, installment will increase - possible to use the loan calculator to calculate the new installment

If opt out what is there to calculate?

This post has been edited by wild_card_my: Jul 18 2020, 01:29 PM

If tenure is extended, the installment may remain. It depends on the banks, although we all know that interests are accrued

For cimb and hlbb, confirmed they wont reduce if the reduction is less than rm50. Need to wait another round of BR reduction

Also some banks take awhile before they start sending instructions to reduce the installments

From my experience, cs people have very little information. You need to talk to the product owners

No no. You need to talk to the person that owns the product, a person in the hq that initiated and maintained the product.

They would know best, burn then they will also share this info with their sales bankers, whom you could talk to too. These people would know so much more than the CS, especially about the specifics of a particular financial product

there you go. takes them a while to adjust the installment, but it does happen. There were successive reduction in OPR and BR so I guess they were waiting

1. bank will redeem the rm400k units from asnb, they will get RM400k in cash, they will then take whatever is due to them (outstanding balance)
2. interests paid are profit to the banks, it is theirs to keep
3. Yes, but as per (1) the bank will only take whatever is due to them
4. Yes

The distribution (please use the right term) earned up to this point should be higher than the total amount of interests that you have paid out. I can guarantee it.

it can be. but there are stipulations on withdrawal on the distributions you earn from that account if I am not mistaken. Need to double check on this.

Interests accrue, so might as well just make the payments