Interest - Interest on housing loan calculated on a daily basis
based on current outstanding balance.
Deadlock Letter - A letter from the banking institution
explaining the decision of the banking institution and reasons why
your complaint could not be resolved.
Default - i. Failure to make installment payment as stated in
the loan or financing agreement. ii. Failure to pay the monthly
installment to Islamic banking institutions when due.
Deposit - Initial cash payment required to be paid before
entering into the hire purchase agreement.
Disbursement Fee - Various types of fees such as registration
of charge fee, land search fee, bankruptcy search fee incurred by
banking institutions and solicitors attending to the loan
documentation, in relation to the loan, which are payable by
Discount Privileges - Discounts enjoyed by cardholders at
selected merchants for purchases made and charged to credit cards.
Dishonor - The act of refusing to pay a cheque when
Documentation - A set of agreements, forms, and other
documents to be signed in connection with a loan. The documentation
will form a full set of records for the loan.
Dormant Account - An account that has no transaction for a
specific period, e.g., 6 months or 12 months.
Down payment - i. An initial payment made by the buyer to the
seller of the house. ii. An initial payment made by the buyer to the
developer or seller of the property.
Drawee Bank - A bank that is instructed by the drawer to pay
the amount of a cheque drawn on it.
Drawer - Accountholder who directs a bank to pay a sum of
money stated on a cheque drawn on it.