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Get the benefits of a BSN Classic MasterCard in a shariah-compliant package. Enjoy rewards, non-compounding charges, and a free ZING PLUSMiles Card with BSN Classic MasterCard Credit Card-i.
Get the benefits of a BSN Visa Classic card in a shariah-compliant package. Enjoy rewards, non-compounding charges, and a free ZING PLUSMiles Card with BSN Visa Classic Credit Card-i.
The BSN Gold Visa Credit Card-i gives you more benefits, more rewards and more credit for an easier and rewarding lifestyle, all in a Shariah-compliant card!
The BSN Gold MasterCard Credit Card-i gives you more benefits, more rewards and more credit for an easier and rewarding lifestyle, all in a Shariah-compliant card!
The Universiti Utara Malaysia Gold MasterCard Credit Card is a Shariah compliant card based on Ujrah. Enjoy fantastic savings, amazing rewards and exclusive privileges, all with no annual fee for l...
The Universiti Utara Malaysia Platinum MasterCard is a Shariah compliant card based on Ujrah. Enjoy fantastic savings, amazing rewards and exclusive privileges, all with no annual fee for life!
Discerning individuals like you demand more. More benefits, more rewards, more exclusivity and certainly more privileges. The BSN MasterCard Platinum Credit Card-i is everything you could possibly ...
Get more benefits, more rewards, more exclusivity, more privileges and everything else you could possibly need with BSN Visa Platinum Credit Card-i.
An excellent card for Malaysian motorists. Enjoy great discounts, petrol rebates, and various auto-related services
A great card for vehicle-owners. Enjoy great discounts, rebates on petrol, and value added services
An excellent Islamic card with a variety of benefits. Dine, shop, or travel like a boss with up to 3X AmBank points for retail purchases!
Get up to 2X reward points and enjoy dining and hotel privileges with this Islamic card
Earn up to 2X reward points, enjoy dining and hotel privileges, and get free travel insurance
Enjoy exclusive privileges and redeem free flights with your AmBank Reward Points with this Islamic card from AmBank
Earn 0.2% unlimited Hibah Performance Bonus for every Ringgit spent & complimentary RM 500,000 automatic travel insurance!
Enjoy up to 10% cash rebate every day at PETRONAS and 0.2% unlimited cash rebates on other retail shopping.
The BSN Al-Aiman G-Card Visa credit card is a Shariah-based card designed exclusively for Malaysian Government employees and offers unique benefits and privileges.
Enjoy 5% Cashback for all airlines and hotel bookings, no extra fees for overseas transactions anymore!
This card provides you with 3X financial limit of your monthly salary
The Muslimah Card is the latest Credit Card-i issued by Bank Rakyat specifically for women. It is the one and only shariah-compliant Credit Card-i for women in Malaysia.
Be relaxed while travelling where you get to enjoy complimentary lounge access and have insurance travel coverage!
Receive low finance rates and earn rewards points with AFFIN ISLAMIC Platinum MasterCard!
With this Shariah compliant credit card, you can get first year annual fee waiver!
The card that bring you a world of privileges and payment convenience!
Get more cash back when you spend your RHB Islamic Smart Value Credit Card-i on groceries, petrol, online shopping and utility bills!
RHB Rewards Credit Card-i allows you to earn up to 5x reward points!
Be rewarded whenever you travel, fill petrol or dine and earn up to 6% cash back!
Get cash back on all your overseas and local shopping purchases no annual fees charged!
Enjoy up to 5x TreatsPoints where you can convert it into Air Miles and get a free flight!
Earn points at a rate of 1 point for every 10 spent, and you can even change your points to cash at a rate of 10 points to RM0.10 too!
Earn 0.2% unlimited Hibah Performance Bonus for every Ringgit spent & complimentary RM 500,000 automatic travel insurance!
Earn 0.1% unlimited Hibah Performance Bonus for every Ringgit spent!
Earn 0.1% unlimited Hibah Performance Bonus for every Ringgit spent!
The card that earns you more TreatsPoints on your retail spending!
Earn extra TreatsPoints when you spend at Petronas Service Stations with this Islamic Card from Maybank!
A Shariah-based card that rewards you with Cash Back when you spend at PETRONAS Stations!
With this Islamic card from Maybank, you can enjoy excellent golfing and travel privileges, plus receive 10,000 TreatsPoints for free upon card activation!
This card gives back to the community and allows you to get 5% cash back on petrol and groceries!
This card gives back to the community and allows you to get 5% cash back and 1x TreatsPoints on petrol and groceries!
A shariah-compliant business card that is perfect for all your business needs!
Enjoy the benefits of a CIMB MasterCard in this Shariah-compliant card!
Enjoy free Takaful protection and Cash-Convertible Rakyat Rewards with this Shariah-compliant card!
Islamic personal financing in Malaysia is based on the concept of Bai’ Al-‘Inah. It is a concept which involves selling on a deferred payment basis. A seller (bank) will sell to a buyer (client) in cash. The seller will later buy back the transaction on a deferred payment basis, where the price is higher than the buying back an asset by a seller (bank) cash price. It can also be applied when a seller sells to a buyer on a deferred basis. A seller will later buy back the transaction on a cash basis at a price which is lower than the deferred price, thus the transaction amounts to a loan. In personal financing, the asset involved in the Bai’Al-‘Inah concept of buying and selling would be the cash.
Other Shariah concepts used by Islamic banks is the Shariah principle of Murabahah via Tawarruq for personal financing. By definition, Murabahah is a type of sale where the commodity is sold for cash or at a deferred price. Tawarruq refers to purchasing an asset with a deferred price, and then selling it to a third party to obtain cash.
Islamic banks will then charge customers an amount known as a ‘profit rate’ (essentially an interest rate) for providing them with a personal financing facility. This is because charging interest is not allowed in Islamic banking. Islamic banking uses the term profit rate rather than interest rate because of the way the financing is structured. Therefore, unlike personal loans offered by conventional banks, which have interest rates, Islamic banks will offer personal financing with a profit rate that will be defined in the personal financing contract.
Islamic Personal Financing | Conventional Personal Loan |
---|---|
Refer as personal financing | Refer as personal loan |
Based on the concept of seller and buyer | Based on the concept of borrower and lender |
Bank must bear some risk to earn returns | Customers bear all risk of the loan |
Compound charge is prohibited | Compound charging is allowed and practised |
Profit rate is charged | Interest fee is charged |
Governed and regulated by Bank Negara Malaysia and Shariah Committee | Governed and regulated by Bank Negara Malaysia only |
The bank cannot cancel the contract at their sole discretion | The bank can cancel the contract at their sole discretion |
Islamic personal financing or Islamic loans are easily recognized based on the name of the loan. All loans ending with the ‘i’ suffix are considered as Islamic loans even without the word Islamic itself. For example, Al-Rajhi Personal Financing-i. However, there might be certain cases where Islamic bank may not affix an ‘i’ to their loan products, since it is generally understood that any Islamic institutions would be providing shariah-compliant financing products.
- Lower late payment charges
The late charges are lower than what is charged by conventional loans. This is because compounding interest is prohibited by Shariah, which is why the late charges will be lower. The late payment charges for Islamic Banking in Malaysia is based on the Ta’widh concept, and is subject to the maximum rate of 1% per annum.
- Fixed repayment amount
Another benefit is the amount to be paid by the customer is fixed for the entire period at the beginning of the term. This means it does not increase even if the financing term is subsequently increased.
Yes, both Muslims and non-Muslims can use the benefits and features of Islamic banking products and services.
Applicants will have to be
Employed: