S E C T I O N 6 F I N A N C I A L R E P O R T S 169 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 (CONT’D) 16. Other payables and accrued expenses (cont'd.) (c) Amount due to a subsidiary (cont'd.) The detail breakdown of amount owing to a subsidiary company are as follows: 2021 2020 RM RM Fund Amount due to a subsidiary 451,000,000 520,000,000 Less: Transaction costs (2,012,240) (3,252,894) 448,987,760 516,747,106 Less: Accrued interest from cash reserve (4,308,251) (5,220,275) 444,679,509 511,526,831 17. Islamic financing Group Fund 2021 2020 2021 2020 RM RM RM RM Non current Term Financing-i ("TF-i") (Note (a)) 118,000,000 118,000,000 118,000,000 118,000,000 Business Financing-i ("BF-i") (Note (b)) 70,000,000 - 70,000,000 - Sukuk Ijarah (Note (c)) 451,000,000 468,000,000 - - 639,000,000 586,000,000 188,000,000 118,000,000 Less: Transaction cost (3,343,062) (4,144,099) (1,330,822) (891,205) 635,656,938 581,855,901 186,669,178 117,108,795 Current Sukuk Ijarah (Note (c)) - 52,000,000 - - Total Islamic financing 635,656,938 633,855,901 186,669,178 117,108,795 (a) TF-i The TF-i profit is payable over a period of 60 months from the date of first disbursement. The effective profit rate for the TF-i will be based on COF which is based on the Bank’s COF + 1.45% per annum for the duration of the TF-i. The average effective profit rate for the TF-i is 3.79% (2020: 4.18%) per annum. The principal amount is to be expected to be paid in March 2024. The TF-i has a significant covenant in which the subsidiary shall at all times, maintain the following criteria: (i) The financing payment cover ratio (“FPCR”) of not less than 1.25 times; (ii) Total debts and financing over total assets value of not more than 50%; and (iii) Minimum security cover of 1.25 times. The financing is secured by the investment properties amounting to RM152,658,000 (2020: RM152,094,000) as per disclosed in Note 10.
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