Bank Muamalat Shophouse Financing-i

    Bank Muamalat Shophouse Financing-i is a Shariah-compliant home loan scheme that can be used to refinance completed shophouses or shophouses under construction. You get a high finance margin and a longer tenure with this facility. Read further to learn more about the loan scheme.

    Margin of Financing Up to 80% + Moving Costs & Related Expenses (MCRE).
    Type of Financing Term loan.
    Loan Tenure Up to 70 years of age or a maximum of 25 years.
    Profit Rate Base rate + spread.

    Features and Benefits

    • Get a finance margin up to 80% + MRCE.
    • Get a competitive capped rate at 10.50%.
    • Get wasiat (will writing services) along with this facility.
    • Get 100% stamp duty waiver when you refinance from conventional to Islamic financing facility.

    Fees and Charges

    Setup Fees RM212.
    Will Writing Fee RM371.
    Stamp Duty As per the Stamp Act 1949 (revised 1989), subject to any stamp duty exemption or remission orders.
    Late Payment Charges 1% on the monthly arrears.

    Required Documents

    For All Applicants Documents Required
    • 1 photocopy of IC.
    • Salary slips (latest 3 months).
    • Latest J/EA Form.
    • Confirmation letter from employer.
    • Original S&P Agreement/booking sheet/down payment receipt.
    • Bank statement (latest 3 months)
    • Business Registration certificate, Form 24, Form 49, Form A or B, Form D (for self-employed whichever applicable).
    • Any other documents required by Bank Muamalat.

    How to Apply

    Application Method 1
    • Visit the official website of the bank.
    • Click on the ‘Consumer Banking’ tab.
    • Click on the ‘Mortgage’ tab.
    • Under the dropdown menu, select ‘Shophouse Financing-i’.
    • Download the application form provided.
    • Fill up the application form.
    • Print the filled form and submit it to the nearest Bank Muamalat branch.
    Application Method 2
    • Go to Bank Muamalat’s nearest branch.
    • Express your interest to apply for the ‘Shophouse Financing-i loan facility.
    • Fill up the application form provided.
    • Submit all the supporting documents along with the filled application form.

    If you are looking to refinance a shophouse, this loan scheme is ideal for you. You get up to 80% finance margin along with MCRE. You also get a fee waiver on stamp duty when you refinance from conventional schemes to Islamic financing. Read the facility’s product disclosure sheet before applying for the scheme.


    Q. Can I use this loan facility to refinance a completed residential property?

    A. No. You can only use this facility for shophouse that are completed or those under construction.

    Q. What are the takaful coverage plans provided by Bank Muamalat?

    A. Bank Muamalat offers the following takaful coverage:

    • Mortgage Reducing Term Takaful (MRTT)
    • Long Term House Owner Takaful (LTHT)
    • Fire/houseowner takaful.

    MRTT and LTHT could be financed by the bank together with the financing amount. You can also opt for takaful coverage from other takaful providers, subject to the approval of the bank.

    Q. What are the modes of instalment payment are available?

    A. You can use the following modes to make your instalment payments:

    • Interbank GIRO (IBG).
    • Instant Interbank Funds Transfer (IBFT).
    • Remittance/Foreign Telegraphic Transfer (FTT).
    • Online banking.
    • Mobile banking.
    • Via any of the Bank Muamalat branches.

    Q. Do I need a guarantor or collateral when I apply for this facility?

    A. The bank will decide if you need a guarantor or collateral.

    Q. What should I do if I retire during the loan tenure?

    A. If you retire during the loan tenure or you are unable to make the monthly payments due to certain reasons, you must visit the bank as soon as possible to discuss repayment alternatives.

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