| 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
- Financing up to 60 years old or up to retirement age (whichever is earlier)
- Malaysian citizen
Government Employees
- Federal and State Governments
- Confirmed position or is a permanent staff
- Minimum Income (salary + fixed allowance) of RM3,000 and above
Newly Employed Civil Servant (NECS)
- Minimum Income of RM2,000
- Employment less than 1 year
Contract Government Servant
- Minimum Income of RM 2,000
- More than 1 year working experience
- Grade 41 and above except Nurse U29
1) Employers under Empanelment Program
- Minimum Income (salary + fixed allowance) of RM3,000 and above
- Confirmed position or is permanent staff
- Employment on contractual basis can be considered for managerial level
- Staff employed under Employer Empanelment program
2) Employers under Empanelment Program
- Minimum Income (salary + fixed allowance) of RM2,000 and above
- Permanent status employees only.
- Not eligible for contract employees or other non-permanent arrangements e.g. internships, temps (temporary employees)
Mode of Payment
- Salary deduction at source
- Salary Transfer to Bank Muamalat
- Standing Instruction.
Required Documents
- Mykad
- Latest 3 months payslips
- Latest 3 months Bank statement showing salary crediting
- Employment Confirmation Letter (ECL) or HRMIS printed at branch
(only applicable for government servant) - Any other income supporting document (if required – EA, EPF)
- Undertaking letter to transfer salary or salary deduction or
- Clause to transfer or salary deduction in Employment Confirmation Letter (ECL)
Financing Amount
- Minimum RM10,000
- Maximum RM400,000
EEP – Minimum Income RM2,000 and above.
- Minimum RM5,000
- Maximum RM30,000
Financing Tenure
- Minimum 2 years – Maximum 10 years
Profit Rate
Competitive Flat & Floating Rate
