A. INTRODUCTION ON KOPERASI AND ITS PRODUCTS
1. National Union of Commercial Workers Co-Operative Berhad or in short known as Koperasi NUCW Berhad is a credit co-operation founded on 28th December 2004 in accordance with the provisions of Section 7(1) of the Co-Operative Societies Act 1993 (hereinafter referred to as the “Act”).
2. The main purpose of the establishment of Koperasi NUCW Berhad is to promote co-operation, self-help and self-responsibility among our members and to encourage thrift among members. In short, our intention is to promote the socio-economic advancement of our members.
3. Our products and services among others are as such:
- Providing personal financing facilities to our members in accordance with Syariah principles known as “Tawarruq Personal Financing”;
- Providing Special Savings schemes to members and non-members;
- Providing additional benefits and incentives to members.
4. Though our core activity revolves around providing credit facilities to members, we are now evolving and looking into expanding our special savings facilities
B. GOVERNING PROVISIONS ON SPECIAL SAVINGS
1. Section 50(d) of Akta Koperasi 1993– simpanan khas daripada anggota-anggotanya yang hendaklah boleh dikeluarkan tertakluk kepada syarat-syarat yang ditetapkan dalam undang-undang kecil
2. Rule 64 of By-Law – Menurut perenggan 50(d) Akta, Koperasi boleh menerima simpanan khas daripada anggota tertakluk kepada terma dan syarat yang ditetapkan di dalam aturan dan wang ini boleh dikeluarkan dari semasa ke semasa
C. TERMS AND CONDITIONS
a. Can be members and non-members
b. Non-members investors includes both Malaysian as well as foreign individuals through direct investment
2. Lock in Period
a. Two (2) years only
b. During the lock in period, it is advisable that the principal amount invested is not withdrawn.
c. Premature withdrawal of savings – Notice need to be given three (3) months in advance with valid and acceptable reason.
d. Scheme is renewable at the option of the investor
3. Investment Amount
a. Minimum RM1,000.00
b. Maximum – no limit
a. Annually up to 7%;
b. Dividend sum can be withdrawn annually;
c. In situations of early withdrawal as at 2(c) above, prorated dividend on the sum invested will be paid to the investor together with principal amount;
5. Beneficiary Details
a. In the event of demise of the investor, upon maturity of the sum invested, it will be handed over to the next of kin/ beneficiary named by the said investor
6. Additional terms and conditions may be imposed from time to time by the Co-Operative
D. KOPERASI’S PLAN ON THE SUM INVESTED
1. Part of the sum will be used for providing credit facilities to our members;
2. Part of the sum will be invested in the agriculture/plantation industry;
3. Part of the sum will be invested in property investment/hotel business