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P
Participating
Financial Institution - Financial institutions appointed by Bank
Negara Malaysia as intermediary for special funds.
Payee - The person to whom the cheque is to be paid to.
PIN - Personal Identification Number – A sequence of digits
used to verify the identity of the cardholder. It is a kind of
password.
Post-dated Cheque - A cheque written with a future date.
Power of Attorney - A formal legal document giving authority
to one person to act on behalf of another person.
Prepayment - Payment of all or part of a loan before
maturity.
Prepayment Penalty - A fee charged by financial institutions
for early payment of loan in full. The fee charged is usually based
on a percentage of the loan amount or "X" months of interest.
Principal - The amount borrowed from financial institutions,
excluding interest and other charges.
Principal or Purchase Price - The amount of financing from
the Islamic banking institution or the purchase price of the
property by the Islamic banking institution from a customer,
excluding profit margin and other charges.
Processing Fee - One time fee charged by banking institutions
for loan processing. This fee is levied based on the loan amount.
Profit Margin - The amount charged by the Islamic banking
institution to the customer for the use of the fund during the
tenure of financing.
Property - Refers to landed properties (like house,
apartment, condominium) and land (like bungalow lots).
Property Purchase Agreement - A written contract signed
between the Islamic banking institution and the customer, expressing
the sale of the property by the Islamic banking institution to the
customer. It contains major provisions such as the selling price,
terms of payments and financing, and the duties, rights and remedies
of each party.
Purchases - Amount incurred on purchase of merchandise or
services.
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