194 AL-SALAM REIT 17. Islamic financing Group Fund 2022 RM 2021 RM 2022 RM 2021 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 70,000,000 70,000,000 Sukuk Ijarah (Note (c)) - 451,000,000 - - 188,000,000 639,000,000 188,000,000 188,000,000 Less: Transaction cost (937,578) (3,343,062) (937,578) (1,330,822) 187,062,422 635,656,938 187,062,422 186,669,178 Current Sukuk Ijarah (Note (c)) 451,000,000 - - - Less: Transaction cost (792,120) - - - 450,207,880 - - - Total Islamic financing 637,270,302 635,656,938 187,062,422 186,669,178 (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 4.04% (2021: 3.79%) 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 Fund 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 RM165,070,000 (2021: RM152,658,000) as per disclosed in Note 10. (b) BF-i The BF-i profit is payable over a period of 72 months from the date of first disbursement. The effective profit rate for the BF-i will be based on COF which is based on the Bank’s COF + 0.60% per annum for the duration of the BF-i. The average effective profit rate for the BF-i is 3.69% (2020: 3.56%) per annum. The principal amount is to be expected to be paid in September 2026. The BF-i has a significant covenant in which the Fund shall at all times, maintain the following criteria: (i) The financing payment cover ratio (“FSCR”) 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 1.30 times. The financing is secured by the investment properties amounting to RM102,700,000 (2021: RM96,900,000) as per disclosed in Note 10. NOTES TO THE FINANCIAL STATEMENTS 31 December 2022 (cont’d.)
RkJQdWJsaXNoZXIy NDgzMzc=