| 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 |
|
Purpose
For Personal Use – Cash Consumption, debt consolidation, education, medical etc
Eligibility
- Proof of monthly income of RM 3,000.00
- Malaysian citizen Age 18 and above (no cap on maximum age)
- Permanent position or Contractual staff min 1 year of service
- Self-employed / Sole proprietor / Business owner
Mode of Payment
- Salary Deduction at Source
- Salary Transfer to Bank Muamalat
- Standing Instruction
Required Documents / Proof of Income
- Salary Earner
-
- MyKad
- Latest 1 month payslip
- Latest 1 month Bank statement showing salary crediting or
- Any other income supporting document (if required- EA or EPF)
- Self Employed
-
- My Kad
- Business registration
- Latest financial statement or
- Income tax return
- latest 6 months current account statement
Collaterals
- Bank’s Own Products:-
-
- SA-i
- FTA-i
- Muamalat Gold (MG-i) Account
Profit Rate
Competitive Flat & Floating Rate
Financing Tenure
- Minimum 2 years
- Maximum 10 years
Financing Amount
- Minimum RM10,000
Margin of Financing (MOF)
| Accepted Collaterals | MOF |
| SA-i | 100% |
| FTA-i | 100% |
| MG-i Account | 80% |
