| Term | Description |
| Concept | Tawarruq |
| Selling price | Fixed and Known Upfront |
| Takaful Protection | Highly encouraged |
| Choices Mode of Payment | Salary Deduction / Salary Transfer / Standing Instruction / Pension Transfer |
| Wasiat/Will Writing | Optional |
| Structure of Product | Muamalat Personal Financing-i (Tawarruq) is a financing facility that is designed to provide cash financing to the customers for personal consumption/ use which does not contravene with the Shariah principles.Generally, this product is based on Tawarruq as its underlying Shariah concept for provision of financing. The financing structure under the Tawarruq arrangement involves the combination of Wa’d Mulzim, Murabahah, Wakalah and Bai’ Wadhi’ah contracts. |
| Shariah Concepts |
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Purpose
For Personal Use – Cash Consumption, debt consolidation, education, medical etc
Eligibility
- Age 18 and above
- Malaysian citizen
- Must be a registered member of professional body of the said profession or equivalent
related qualification and accreditation - Minimum income of RM5,000 and above
- Confirmed position or is a permanent staff
- Employment on contractual basis with minimum 5 years of working experience in a
similarly related field/sector - Financing up 60 years old. (for Medical Practitioners up to 70 years old)
- Applicable to
Professional 1 - Medical Practitioners (Doctors & Dentists)
- Accountants
- Lectures
- Pilots
- Engineers
- Architects
Professional 2 - Technologist & Technicians
- Geologist
- Safety & Health Officers
- Pharmacists
- Veterinarians
- Optometrists & Opticians
- Quantity Surveyors
- Actuaries
- PHD Holder
- Selected employers from the following preferred sectors:-Please refer list of Preferred Sectors Employers
- Oil and Gas
- Financial Service Providers
- Healthcare
- Telcos – (TM, Celcom Axiata, Maxis, Digi)
- Big 4 (Deloitte, PwC, EY & KPMG)
- Professional firms/Self-employed:
- At least 5 years of establishment (Kindly refer to the date registration or incorporation)
- Medical Practitioners (i.e. clinics) at least 1 year of establishment
- Registered with the relevant professional bodies
- Having established positive banking relationship with the Bank and/or other financial institution
Mode of Payment
- Salary deduction at source
- Salary Transfer/Company – Business account transfer/open to Bank Muamalat
- Standing Instruction
Required Documents
Self Employed
- MyKad
- Business registration
- Latest financial statement or; Income tax return. and
- Latest 6 months current account statement
Professional Certificate
- Professional Certification / Affiliations / Qualifications (under Professional Program)
Financing Amount
- Minimum RM10,000
- Maximum RM400,000
Financing Tenure
- Minimum 2 years – Maximum 10 years
Profit Rate
Competitive Flat & Floating Rate
List of Preferred Sector Employers
List of Preferred Sectors Employers
Repayment Table
- Cash-i Muamalat (Dengan Jualan Silang ) Pindah Gaji Skor Kredit Sangat Baik.
- Cash-i Muamalat (Tanpa Jualan Silang ) Pindah Gaji Skor Kredit Sangat Baik.
*Rates may vary subject to Terms and Conditions for Muamalat Personal Financing-i Tawarruq facility
