Introduction
Personal loans are a popular form of financing in Malaysia, especially for those who require quick and convenient access to cash. For Muslim borrowers, it’s important to find personal loans that comply with Shariah law. In this article, we’ll discuss the best Islamic personal financing available in Malaysia, including their features, eligibility criteria, and application process.
- Bank Islam Personal Financing-i
Bank Islam Personal Financing-i is a popular Islamic personal loan that offers financing of up to RM200,000 with a repayment period of up to 10 years. The loan is based on the concept of Tawarruq, which involves buying and selling of commodities, and it’s open to both government and private sector employees.
Features:
- Financing amount of up to RM200,000
- Repayment period of up to 10 years
- Competitive profit rates
- No processing fee or early settlement fee
- Takaful coverage available
Eligibility:
- Malaysian citizen or permanent resident
- Minimum age of 21 years old and maximum age of 60 years old at the end of the financing tenure
- Minimum income of RM2,000 for government sector employees and RM3,000 for private sector employees
Application process:
- Visit any Bank Islam branch or apply online
- Submit required documents, including photocopy of NRIC, latest salary slip, and bank statements
2. CIMB Islamic Personal Financing-i
CIMB Islamic Personal Financing-i is another popular Islamic personal loan in Malaysia that offers financing of up to RM250,000 with a repayment period of up to 10 years. The loan is based on the concept of Tawarruq, and it’s open to both government and private sector employees.
Features:
- Financing amount of up to RM250,000
- Repayment period of up to 10 years
- Competitive profit rates
- No processing fee or early settlement fee
- Takaful coverage available
Eligibility:
- Malaysian citizen or permanent resident
- Minimum age of 21 years old and maximum age of 60 years old at the end of the financing tenure
- Minimum income of RM2,000 for government sector employees and RM3,000 for private sector employees
Application process:
- Visit any CIMB branch or apply online
- Submit required documents, including photocopy of NRIC, latest salary slip, and bank statements
- Maybank Islamic Personal Financing-i
3. Maybank Islamic Personal Financing-i
Maybank Islamic Personal Financing-i is a popular Islamic personal loan that offers financing of up to RM100,000 with a repayment period of up to 6 years. The loan is based on the concept of Bai’ Al-Inah, which involves the sale and buyback of an asset, and it’s open to both government and private sector employees.
Features:
- Financing amount of up to RM100,000
- Repayment period of up to 6 years
- Competitive profit rates
- No processing fee or early settlement fee
- Takaful coverage available
Eligibility:
- Malaysian citizen or permanent resident
- Minimum age of 21 years old and maximum age of 60 years old at the end of the financing tenure
- Minimum income of RM2,500 for government sector employees and RM3,000 for private sector employees
Application process:
- Visit any Maybank branch or apply online
- Submit required documents, including photocopy of NRIC, latest salary slip, and bank statements
- 4.HSBC Amanah Personal Financing-i
- HSBC Amanah Personal Financing-i is a popular Islamic personal loan that offers financing of up to RM150,000 with a repayment period of up to 7 years. The loan is based on the concept of Tawarruq, and it’s open to both government and private sector employees.
Features:
- Financing amount of up to RM150,000
- Repayment period of up to 7 years
- Competitive profit rates
- No processing fee or early settlement fee
- Takaful coverage available
Eligibility:
- Malaysian citizen or permanent resident
- Minimum age of 21 years old and maximum age of 60 years old at the end of the financing tenure
- Minimum income of RM5,000 for both government and private sector employees
Application process:
- Visit any HSBC Amanah branch or apply online
- Submit required documents, including photocopy of NRIC, latest salary slip, and bank statements
5. Affin Islamic Personal Financing-i
Affin Islamic Personal Financing-i is an Islamic personal loan that offers financing of up to RM100,000 with a repayment period of up to 10 years. The loan is based on the concept of Tawarruq, and it’s open to both government and private sector employees.
Features:
- Financing amount of up to RM100,000
- Repayment period of up to 10 years
- Competitive profit rates
- No processing fee or early settlement fee
- Takaful coverage available
Eligibility:
- Malaysian citizen or permanent resident
- Minimum age of 21 years old and maximum age of 60 years old at the end of the financing tenure
- Minimum income of RM2,000 for government sector employees and RM3,000 for private sector employees
Application process:
- Visit any Affin Islamic branch or apply online
- Submit required documents, including photocopy of NRIC, latest salary slip, and bank statements
6. Kuwait Finance House (KFH) Islamic Personal Financing-i
KFH Personal Islamic Financing is an Islamic personal loan offered by Kuwait Finance House in Malaysia. The loan is based on the concept of Tawarruq and is available to both government and private sector employees. KFH offers financing of up to RM250,000 with a repayment period of up to 10 years.
Features:
- Financing amount of up to RM250,000
- Repayment period of up to 10 years
- Competitive profit rates
- No processing fee or early settlement fee
- Takaful coverage available
Eligibility:
- Malaysian citizen or permanent resident
- Minimum age of 21 years old and maximum age of 60 years old at the end of the financing tenure
- Minimum income of RM2,000 for government sector employees
Application process:
- Visit any KFH branch or apply online
- Submit required documents, including photocopy of NRIC, latest salary slip, and bank statements
KFH Personal Islamic Financing offers flexibility in repayment with the option to make early repayments without any penalty fees. Additionally, KFH offers a profit reduction program that allows borrowers to reduce their financing rates by making prompt repayments. Takaful coverage is also available to ensure the borrower is protected in the event of unexpected circumstances.
Conclusion
In summary, there are several Islamic personal loans available in Malaysia that offer competitive profit rates, no processing fee or early settlement fee, and takaful coverage. When choosing an Islamic personal loan, it’s important to consider the financing amount, repayment period, and eligibility criteria to ensure that it’s suitable for your needs. Make sure to read the terms and conditions carefully before applying for a loan, and compare different loans to find the one that best fits your financial situation.
Overall, KFH Personal Islamic Financing is a good option for those looking for a higher financing amount and longer repayment period. It offers competitive profit rates, no processing or early settlement fees, and takaful coverage. As with any loan, it’s important to read the terms and conditions carefully and ensure that the loan is suitable for your financial situation.
If you are a government or GLC employee and interested to apply for KFH Personal Islamic Financing, we can help you with an easy application and faster approval. Visit Pembiayaan Peribadi Bank atau Whatsapp “KFH Application” to 019- 357 4240 today.
