Compare Islamic Personal Loans in Malaysia 2021

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Islamic Personal Loans

Showing personal loan packages for loan amount of RM 10,000 over 5 years

CBP Pembiayaan Peribadi - I

CBP Pembiayaan Peribadi - I Islamic

Profit Rate: 2.99 %

( Effective Rate: 5.62% )

Monthly Payment: RM 192

(Total Repayment: RM 11,495)

More About This Product
  1. Minimum loan amount: RM 5,000.00
  2. Maximum loan amount: RM 200,000.00
  3. Minimum Tenure: 12 Month(s)
  4. Maximum Tenure: 120 Month(s)
  5. Minimum Age: 18 Years Old
  6. Maximum Age: 60 Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    No Guarantor Needed

    Payslip Collection Required

Fees and charges
  1. Stamp Duty: 0.5% from Loan Amount + RM20
  2. Processing Fee: N/A
  3. Late Payment Fee: N/A
  4. Early Settlement Fee: N/A
  5. Handling Fee: 50
  6. APR: %
Alliance CashVantage Financing-i (Salaried Employee)

Alliance CashVantage Financing-i (Salaried Employee) Islamic

Profit Rate: 8.38 %

( Effective Rate: 14.73% )

Monthly Payment: RM 237

(Total Repayment: RM 14,190)

More About This Product
  1. Minimum loan amount: RM 5,000.00
  2. Maximum loan amount: RM 150,000.00
  3. Minimum Tenure: 12 Month(s)
  4. Maximum Tenure: 84 Month(s)
  5. Minimum Age: 21 Years Old
  6. Maximum Age: 60 Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    No collateral or guarantor is required

    Insurance coverage is optional

Fees and charges
  1. Stamp Duty: 0.5% of the financing amount
  2. Processing Fee: N/A
  3. Late Payment Fee: 1% p.a. of amount in arrears
  4. Early Settlement Fee: N/A
  5. Handling Fee: None
  6. APR: %
MBSB Mumtaz-i

MBSB Mumtaz-i

Profit Rate: 2.52 %

( Effective Rate: 4.77% )

Monthly Payment: RM 188

(Total Repayment: RM 11,260)

More About This Product
  1. Minimum loan amount: RM 3,000.00
  2. Maximum loan amount: RM 250,000.00
  3. Minimum Tenure: 24 Month(s)
  4. Maximum Tenure: 120 Month(s)
  5. Minimum Age: 19 Years Old
  6. Maximum Age: 60 Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    Government Employee

    Employee of Government Link-Company (GLC)

    State Government Link-Company

    Local Council

    Approved companies under Non-Biro arrangement

Fees and charges
  1. Stamp Duty: None
  2. Processing Fee: None
  3. Late Payment Fee: 1% of the total outstanding loan amount and not compounded
  4. Early Settlement Fee: None
  5. Handling Fee: None
  6. APR: %
MBSB Afdhal-i

MBSB Afdhal-i

Profit Rate: 3.17 %

( Effective Rate: 5.95% )

Monthly Payment: RM 194

(Total Repayment: RM 11,585)

More About This Product
  1. Minimum loan amount: RM 3,000.00
  2. Maximum loan amount: RM 400,000.00
  3. Minimum Tenure: 24 Month(s)
  4. Maximum Tenure: 120 Month(s)
  5. Minimum Age: 19 Years Old
  6. Maximum Age: 60 Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    Confirmed and permanent staff

    Government employee

    Salaried employee

Fees and charges
  1. Stamp Duty: None
  2. Processing Fee: None
  3. Late Payment Fee: None
  4. Early Settlement Fee: None
  5. Handling Fee: None
  6. APR: %
Al Rajhi Personal Financing-i Secured Against Gold

Al Rajhi Personal Financing-i Secured Against Gold

Profit Rate: 3.99 %

( Effective Rate: 7.4% )

Monthly Payment: RM 200

(Total Repayment: RM 11,995)

More About This Product
  1. Minimum loan amount: RM 10,000.00
  2. Maximum loan amount: RM 500,000.00
  3. Minimum Tenure: 12 Month(s)
  4. Maximum Tenure: 60 Month(s)
  5. Minimum Age: 25 Years Old
  6. Maximum Age: 60 Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    Takaful Insurance Required

    For Non Malaysian with Resident Gross Income of RM15,000 and above

Fees and charges
  1. Stamp Duty: 0.5% of the financing amount
  2. Processing Fee: None
  3. Late Payment Fee: Recovery of Actual Collection Cost applies
  4. Early Settlement Fee: None
  5. Handling Fee: None
  6. APR: %
Bank Rakyat Personal Financing-i for Pensioner

Bank Rakyat Personal Financing-i for Pensioner

Profit Rate: 4.26 %

( Effective Rate: 7.88% )

Monthly Payment: RM 203

(Total Repayment: RM 12,130)

More About This Product
  1. Minimum loan amount: RM 5,000.00
  2. Maximum loan amount: RM 100,000.00
  3. Minimum Tenure: 12 Month(s)
  4. Maximum Tenure: 120 Month(s)
  5. Minimum Age: 55 Years Old
  6. Maximum Age: 65 Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    No Guarantor is Required

    Takaful Insurance is Optional

    Maximum amount of RM100,000 or  Maximum 15x your monthly gross pension.

Fees and charges
  1. Stamp Duty: 0.5% of the loan amount
  2. Processing Fee: Wakalah or agency fee of RM28.30
  3. Late Payment Fee: 1%p.a on the amount in arrears.
  4. Early Settlement Fee: Rebate (Ibra’) will be given on the deferred profit
  5. Handling Fee: None
  6. APR: %
Public Bank BAE AG Personal Financing-i

Public Bank BAE AG Personal Financing-i

Profit Rate: 4.45 %

( Effective Rate: 8.21% )

Monthly Payment: RM 204

(Total Repayment: RM 12,225)

More About This Product
  1. Minimum loan amount: RM 11,000.00
  2. Maximum loan amount: RM 150,000.00
  3. Minimum Tenure: 12 Month(s)
  4. Maximum Tenure: 82 Month(s)
  5. Minimum Age: 20 Years Old
  6. Maximum Age: 58 Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    The loans are unsecured products

    No guarantor needed

Fees and charges
  1. Stamp Duty: 0.5% of the loan amount
  2. Processing Fee: None
  3. Late Payment Fee: 1% of the current outstanding amount
  4. Early Settlement Fee: None
  5. Handling Fee: None
  6. APR: %
RHB Personal Financing-i for Civil Sector

RHB Personal Financing-i for Civil Sector

Profit Rate: 4.5 %

( Effective Rate: 8.29% )

Monthly Payment: RM 205

(Total Repayment: RM 12,250)

More About This Product
  1. Minimum loan amount: RM 2,000.00
  2. Maximum loan amount: RM 200,000.00
  3. Minimum Tenure: 24 Month(s)
  4. Maximum Tenure: 120 Month(s)
  5. Minimum Age: 18 Years Old
  6. Maximum Age: 58 Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    No guarantor required

Fees and charges
  1. Stamp Duty: RM10
  2. Processing Fee: RM30
  3. Late Payment Fee: 1% on outstanding loan amount
  4. Early Settlement Fee: None
  5. Handling Fee: None
  6. APR: %
Bank Muamalat Financial Management Financing (FMF) for Umrah & Ziarah (Tawarruq)-i

Bank Muamalat Financial Management Financing (FMF) for Umrah & Ziarah (Tawarruq)-i

Profit Rate: 4.85 %

( Effective Rate: 8.9% )

Monthly Payment: RM 208

(Total Repayment: RM 12,425)

More About This Product
  1. Minimum loan amount: RM 5,000.00
  2. Maximum loan amount: RM 50,000.00
  3. Minimum Tenure: 24 Month(s)
  4. Maximum Tenure: 60 Month(s)
  5. Minimum Age: 18 Years Old
  6. Maximum Age: Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    Federal and state government employees

    GLCs employees

    Selected organisation employees

Fees and charges
  1. Stamp Duty: As per the Stamp Duty Act 1949
  2. Processing Fee: None
  3. Late Payment Fee: 1% p.a. of total outstanding amount
  4. Early Settlement Fee: None
  5. Handling Fee: None
  6. APR: %
Bank Muamalat Financial Management Financing (FMF) for Membership Scheme (Tawarruq)-i

Bank Muamalat Financial Management Financing (FMF) for Membership Scheme (Tawarruq)-i

Profit Rate: 4.95 %

( Effective Rate: 9.07% )

Monthly Payment: RM 208

(Total Repayment: RM 12,475)

More About This Product
  1. Minimum loan amount: RM 5,000.00
  2. Maximum loan amount: RM 10,000.00
  3. Minimum Tenure: 36 Month(s)
  4. Maximum Tenure: 120 Month(s)
  5. Minimum Age: 21 Years Old
  6. Maximum Age: Years Old upon financing maturity
  7. Islamic Financing
  8. Special Requirements:

    Government servant, confirmed staff non-government and confirmed/permanent staff

     

Fees and charges
  1. Stamp Duty: As per the Stamp Duty Act 1949
  2. Processing Fee: None
  3. Late Payment Fee: 1% p.a. on total outstanding amount
  4. Early Settlement Fee: None
  5. Handling Fee: None
  6. APR: %

Showing 10 of 39 Packages

Frequently Asked Questions (FAQ)

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

  • Malaysian citizens
  • Aged 21 years old and above
  • A guarantor may or may not needed depending on the bank 
Unemployed, retirees and expats are not eligible for an Islamic personal financing as they are deemed too risky.

Employed:

  • Copy of NRIC
  • Latest 3 months’ salary slips
  • Latest 3 months’ bank statements which must be tally with salary slip
  • EPF statements
  • Additional supporting documents as per request by each banks
Self-employed and Business Owner:
  • Copy of NRIC
  • Latest BE form with official tax receipt
  • Copies of Business Registration
  • Form 9, 24, 49 for company
  • Audited Balance Sheet & P&L OR Latest 6 months’ Bank Statements
  • Additional supporting documents as per request by each banks