Terms of Service
1. Overview
The terms of service herein (“Terms of Service”) shall apply to the approved applicant (“Customer”) who has been granted with the personal financing facility (“Facility”) by WAWASAN COJAYA SDN. BHD. (“Wawasan”).
2. Interpretations
a. These Terms of Service, along with the Transaction Documents, constitute all the agreements that establish the terms of service in respect of the Facility.
b. The terms of service set forth herein are in addition and supplemental to, and not in substitution for or in derogation of, any other terms of service binding upon the Customer from time to time.
3. Mechanics of Financing
a. The Facility is an unsecured financing facility and is based on Shariah principle of Tawarruq.
b. Upon approval of the Facility, Wawasan will act as the Customer’s sole and exclusive agent in buying and selling the Commodity through the Commodity Murabahah transactions based on the Shariah principle of Tawarruq.
c. Conditions of arrangement under Commodity Murabahah are set up in the Commodity Murabahah Agreement.
d. The Facility shall not be terminated, cancelled and/or revoked by the Customer in any way whatsoever in the event the Customer has signed the Transaction Documents via OTP.
4. Financing Amount
Financing Amount shall be the principal amount of the Facility approved by Wawasan and notified to the Customer in writing and/or in any manner as Wawasan deems fit.
5. Prescribed Profit Rate
The respective profit rate(s) applicable to the Facility as stated in the First Schedule.
6. First Schedule
7. The payment details include all the information regarding the approved Facility, such as the Financing Amount, Deferred Sale Price, Profit Rate, Payment Schedule as per the First Schedule of the Commodity Murabaha Financing Agreement. Disbursement of Facility
Wawasan shall disburse the Facility Amount to the Customer, after deducting all fees and charges as identified in the Commodity Murabahah Agreement.
8. Payment
a. The Customer shall adhere to the monthly instalment amount and payment due date as stated in the Transaction Documents entered between the Customer and Wawasan.
b. The Customer undertakes to make satisfactory arrangement for payments of his/her Facility Account in accordance with these Terms of Service in the event of his/her absence abroad.
c. Payments received from the Customer will be applied in a manner considered appropriate by Wawasan.
9. Statement of Account
The Customer hereby expressly agrees that statements of account issued by Wawasan or computer-generated notices by Wawasan shall be final and conclusive proof of the indebtedness of the Customer.
10. Events of Defaults
Without prejudice to Wawasan right to recall the Facility with prior notice on demand, Wawasan shall be entitled, at its absolute discretion, to recall the Facility and demand payment of the Indebtedness upon the occurrence of any of the following events:
a. if the Customer shall default in payment of monthly instalments or any sum due and payable under the Transaction Documents (whether demanded or not);
b. if the Customer is in breach of any provisions of Transaction Documents;
c. if for any reason Transaction Documents are or become invalid or unenforceable;
d. if a bankruptcy proceeding is initiated against the Customer;
e. if the Customer dies or becomes of unsound mind;
f. if any documents and information supplied by the Customer is false, untrue or misleading;
g. if there is any fictitious, forged or fraudulent misrepresentation in the Facility application of the Customer.
then, and in any such case, Wawasan may give seven (7) days’ written notice to the Customer to terminate this Facility and reserves the right to claim for full payment of the indebtedness
11. Early Settlement
The Customer agrees and acknowledges that any early partial or full payment of any amounts under the Transaction Documents shall not entitle the Customer to any ibra’ (rebate) or discount.
12. Late Payment Charge
a. If the Customer fail to make any monthly installments or pay any other amount payable when due, the Customer shall pay the Late Payment Charge (“LPC”) to Wawasan based on the Shariah principle of Ta’widh (compensation) calculated.
b. The late payment charge shall be calculated in accordance with the following formula:
where,
R represents sum of late payment charge to be paid.
D represents the number of days in default.
S represents the sum of Instalment which is overdue.
c. For the avoidance of doubt, the Late Payment Charge consists of ta’widh (compensation charge) of up to one percent (1%) per annum on the overdue Instalments and gharamah (penalty charge) for the remaining percent (9%) of the Late Payment Charge on the overdue instalments (gharamah shall be channelled to charity). The combined rate of both ta’widh and gharamah imposed on the overdue Instalments shall not be compounded on the outstanding Deferred Sale Price and shall not exceed 100% of the outstanding principal amount.
13. Amendments of Terms of Service
Subject to compliance with Shariah principles, Wawasan reserves the right at any time and by giving twenty one (21) calendar days notice, prior or otherwise to the Customer to add, alter, delete, modify, change or vary all or any of those terms stated herein. The communication of such variations may take any form, and may be given via letter to the Customer or via Wawasan website or any other manner as Wawasan deems fit.
14. Rights of Wawasan
a. No time or other indulgence granted by Wawasan to the Customer shall operate as a waiver of Wawasan rights (save to the extent indicated by Wawasan in writing) in respect of any continuing recurring or subsequent breach.
b. Wawasan has the right at its absolute discretion to do the following at any time whatsoever whether or not the Facility herein have been disbursed or utilised:
i. Review the Facility at any time and from time to time irrespective of whether or not an event of default has occurred and any review, if conducted, shall be in the manner determined solely by Wawasan. Any delay or omission to conduct a review shall not be construed as a waiver of Wawasan right to review nor prejudice Wawasan right to recover all monies owing.
ii. At any one time hereafter to withdraw or not make available or cancel and/or terminate the Facility or any part thereof upon the happening of any event which in Wawasan opinion would affect in any way the Customer’s financial position and/or hinder the carrying on of the Customer’s business affairs in accordance with sound financial, industrial or commercial standards and practices and/or would jeopardise Wawasan position and/or which is a default in respect of any of the requirements of Wawasan whatsoever at any time and from time to time and the decision of Wawasan shall be final and conclusive. Wawasan has the absolute discretion to decide on the implementation of this condition (whenever deemed applicable).
iii. Wawasan has the absolute right and discretion not to release or make available the Facility or any part thereof or to cancel, withdraw and/or terminate the Facility therein granted to the Customer immediately upon Wawasan becoming aware that the Customer has been investigated or is alleged to be involved and/or had committed any illegal activities or criminal offences of any nature whatsoever or will be or has been allegedly subjected to any criminal prosecution and/or conviction, and/or any security in respect of the Facility held by Wawasan is subjected to or at risk of freezing, seizure and forfeiture by the Federal Government and/or other relevant authorities or regulatory bodies. In all events, Wawasan decision shall be final and conclusive.
15. Notifications
a. Any claim or notice to the Customer under these Terms of Service may be in writing through letters, emails or short messaging service, in-app or other such notifications and where applicable, is to be signed by the authorized officer or law firms acting on behalf of Wawasan.
b. Any claim or notice may also be communicated by emails or short messaging service, in-app or such other modes of communication.
c. Where required by law, claims or notices (including but not limited to the writ of summons and legal claims) are to be physically delivered to the Customer by post or delivered personally to the Customer’s address or to the Customer’s usual or last known place of business, employment or residence.
d. Any of the claim or notice if delivered via post is to be considered received by the Customer five (5) days after postage and delivery by person is to be considered received on delivery time, even if the claim or notice is returned due to non-delivery or unclaimed.
e. Notices that need to be given to Wawasan under these Terms of Service are to be in writing, signed by the Customer and e-mailed to Wawasan at help@tazee.my.
f. Any write, notice, statement, reminder or certificate (“Said Document”) given by Wawasan will not require signature of any Wawasan officers where it has been stated in the Said Document that it is computer generated and does not require any signatures.
16. Variation, Revision and Amendments
a. Subject to compliance with Shariah principles, Wawasan reserves the right to:
i. vary the method of calculation of service fee, fees and other charges, due and any other applicable fees, charges or levies provided for herein for any reason whatsoever (whether arising from the change in the Customer’s risk profile or otherwise) including the effective date of any such change; and
ii. vary (whether by addition, deletion, modification, amendment or otherwise howsoever) any of these Terms of Service at any time and from time to time (collectively referred to as “Changes”) by giving the Customer at least twenty one (21) calendar days’ prior notice. The Changes shall apply on the effective date specified by Wawasan.
b. All terms and conditions, fees, rate, taxes, charges, and levies may, subject to compliance with Shariah principles, be varied at any time and from time to time at the sole and absolute discretion of Wawasan by notifying the Customer at least twenty one (21) calendars day in advance. Notice of such variation, revision or change may be effected by sending notice of the same to the customer or by posting the notice of the same on Wawasan website.
17. Wawasan Right to Disclose
By applying for the Facility, the Customer is agreeing to these Terms of Service and the Privacy Policy, including granting consent to the use of his personal information. In addition, the Customer consents to CTOS Data Systems Sdn Bhd (“CTOS”), and RAM Credit Information Sdn Bhd (“RAMCI”), a registered credit reporting agency under Credit Reporting Agencies Act 2010 (“CRA”) conducting any credit/trade, CCRIS and DCHEQUE checks on the Customer, at any time for as long as the Customer is applying for or has this Facility with Wawasan, and consents to the disclosure to Wawasan, of any Credit Information (as defined in the CRA) relating to the Customer, by CTOS, RAMCI or any source deemed appropriate to the Customer’s credit history in relation to the Customer’s application for or use of the Facility.
18. Appointment of Agent
In amplification and not in derogation of its rights under these Terms of Service, Wawasan shall have the right, at its sole discretion, to appoint an agent of its choice to collect all and any sums due to Wawasan from the Customer under these Terms of Service.
19. Telephone Monitoring & Recording
Wawasan is entitled to monitor and record for its own purposes, any call(s) made with the Customer at Wawasan absolute discretion without notice to or further approval from the Customer. The Customer agrees that Wawasan shall be entitled to use such recordings and transcripts thereof as evidence in any disputes.
20. Indemnity
The Customer shall hold Wawasan harmless and indemnify Wawasan against any liability for loss, damage, costs and expenses (legal or otherwise including costs on a solicitor and client basis) which Wawasan may incur by reason of the provisions herein or in the enforcement of its rights hereunder.
21. Governing Law
These Terms of Service shall be governed by the laws of Malaysia.
22. Time of Essence
Time wherever mentioned shall be deemed to be the essence of these Terms of Service.
23. Assignment
Wawasan shall be entitled at any time without the consent of the Customer to assign the whole or any part of its rights or obligations hereunder with or without notice to the Customer.
24. Conflict between English Text and Others
a. Where these Terms of Service is translated into a language other than English Language, in the event of conflict discrepancies or variances between the terms set out in the English Language version and that of the other language(s), the English Language version shall prevail.
b. In these Terms of Service unless there is something in the subject or context inconsistent with such construction or unless it is otherwise expressly provided, words applicable to natural persons include persons, company, corporation, firm or partnership corporate or unincorporated, and words importing the singular number include the plural number and vice versa and words importing the masculine gender include the feminine and neuter genders.
25. Publication of these Terms of Service on Wawasan Website
a. A copy of these Terms of Service is published at our website Wawasan In the event Wawasan changes or varies any terms herein, the amended and updated version will be posted on the aforesaid website.
b. In the event of any queries relating to these Terms of Service, the Customer may contact Wawasan at the following e-mail address: help@tazee.my.
26. Force Majeure
Without prejudice to any of the provision of these Terms Terms of Service, the Customer agrees not to hold Wawasan liable in the event that Wawasan is unable to perform in whole or in part any of its obligations under the Transactional Documents, attributable directly or indirectly to the failure of any mechanical or electronic device, data processing system, transmission line, electrical failure, industrial dispute, and any act beyond Wawasan control or due to any factor in a nature of a force majeure.
27. References
In these Terms of Service, unless the context otherwise requires, the following expressions shall have the following meanings:
a. “Commodity” means any Shariah-compliant commodities (other than ribawi items in the category of medium of exchange such currencies, gold, silver and dent instruments) which are provided through the commodity trading platform approved by the Shariah advisor of Wawasan;
b. “Commodity Murabahah” means an Islamic transaction based on the Shariah principles of Murabahah (i.e. cost plus profit sale) and Tawarruq (i.e. tripartite sale);
c. “Shariah principles” means the principles of Islamic law relating to banking and finance as adopted and approved by the Shariah adviser of Wawasan, and in accordance with the resolutions and rulings of the Shariah Advisory Council of Bank Negara Malaysia under Section 51 of the Central Bank of Malaysia Act 2009;
d. “Transaction Documents” means these Terms of Service, Commodity Murabahah Financing Agreement and all schedules and appendices thereto, and any other document(s) entered or to be entered by the parties from time to time.