Bank Muamalat was the second Islamic bank to be set up in Malaysia and was incorporated in 1999. In the short duration since its inception, the bank has grown in both services provided and assets held to become a leading Islamic banking institution in Malaysia offering a range of Shariah-compliant banking products. Among its credit offerings, the range of personal financing products offered by Bank Muamalat is a popular choice among its large consumer base. The personal financing products include multiple packages, each catering to a specific set of consumers ranging from civil servants and army personnel to pensioners and even to customers looking to purchase specific products or services.
|Name of Personal Financing||Flat Rate||Max. Amount||Min. Monthly Income||Tenure||More Info.|
|Bank Muamalat Modenas Motorcycle Personal Financing||Competitive Flat Rate||RM10,000||-||3 to 5 years|
|Bank Muamalat Umrah Ziarah Personal Financing||4.85% p.a. (without Ju’alah)||RM50,000||-||3 to 5 years|
|4.98% p.a. (with Ju’alah)|
|Bank Muamalat Education Personal Financing||4.95% p.a. (Flat Rate)||RM50,000||-||5 to 10 years|
|Bank Muamalat Membership Personal Loan||4.95% p.a. (Flat Rate)||RM100,000||-||3 to 10 years|
|Bank Muamalat Pembiayaan Pengurusan Kewangan (PPK) Personal Financing-i||Competitive Flat Rate||RM150,000||-||3 to 10 years|
|Bank Muamalat 3P Special Package (3PS) Personal Financing-i||Competitive Flat Rate||RM150,000||-||Up to 10 years|
|Bank Muamalat PPK Cuepacs Debt Settlement Personal Financing-i||Competitive Flat Rate||RM150,000||3 to 10 years|
|Bank Muamalat Corporate Package||5.50% p.a. to 5.90% p.a.||RM150,000||RM2,000||2 to 7 years|
*(Bank Muamalat current BR = 4% p.a. (as of 2 February 2018))
|Profit Rate (p.a.)||Starting from 3.75% p.a.(Flat Rate)|
|Loan Tenure||Upto 10 years|
|Min. Loan Amount||RM5,000|
The bank offers competitive profit rates for its personal loan schemes on flat and floating rate basis. Floating interest rates are capped at 11% p.a. whereas flat profit rates range from 3.75% p.a. To 6.99% p.a.
|Fee Type||Fees and Charges|
|Wasiat Fee||RM 212.00|
|Takaful Fee||Net commission paid to Takaful Operator|
For loan applications to be successfully approved, borrowers must first meet certain eligibility requirements which are as follows:
The loan packages are available to the following borrowers:
Bank Muamalat offer various personal loan schemes for government pensioners. These schemes include:
Borrowers must submit the following supporting documents at the time of submitting the application:
Applicants can apply for the personal financing-i by contacting the bank through the bank website. Interested borrowers can leave their contact details on the website and a bank representative will get in touch with them to initiate the application process.
Borrowers can also visit the nearest Bank Muamalat branch and request for a loan application.
Repayments of your personal financing can be made in the following ways:
If you have any queries and doubts regarding the personal financing schemes offered by Bank Muamalat, you can contact the customer care department of the bank on 1300-88-8787 (local calls) and +603-2600 5500 (overseas calls). The customer care department of the bank stays open for 24 hours a day, also on public holidays.
Q.Is Takaful cover mandatory for Bank Muamalat Personal Financing?
A. Yes. The takaful cover is mandatory however the borrower is free to acquire a takaful cover of his/her choice.
Q. Is will writing mandatory for all Bank Muamalat Personal loans?
A. No. While Will writing or Waisat is not mandatory, it is encouraged.
Q. Is there a charge for Will writing services?
A. Yes. The charge applicable for will writing services is RM212.
Q. What happens when a borrower settles the loan prior to the tenure reaching maturity?
A. The borrower will be granted a rebate or Ibra in case of an early settlement.
Q. How is Ibra calculated?
A. Ibra or rebate is granted on the profit of the unutilised amount of the facility and is granted when there is a difference between the selling price and the total monthly instalment payable at the end of the financing tenure.