Bank Muamalat 1Malaysia
 
   
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Financing
Muamalat Hire Purchase-i (MHP-i/AITAB)
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This facility is based on the concept of Al-Ijarah Thumma Al-Bai or hire purchase contract. Under the Shariah principles of Ijarah (Lease) and Bai' (Sale), firstly the Bank will purchase a vehicle required by a customer from a dealer / third party and subsequently lease it out to the customer for a certain period agreed by both the bank and the customer subject to terms and conditions. Upon completion of the lease period, the Bank will sell the vehicle to the customer at an agreed price. MHP is governed by Hire Purchase Act 1967.

Features

Financing based on the contract of Al-Ijarah Thumma Al-Bai (hire purchase);
The Bank purchases the vehicle identified by the customer from a dealer / third party;
The vehicle to be financed by the Bank can either be new or used and of any make and models including national or non-national brands;
Margin of finance is up to 85%;
Payment period is up to 7 years.
  Benefits

Fixed rental rate;
Rebate will be given for early settlement cases;
No security deposit required;
Comprehensive Takaful coverage with profit-sharing features (Mudharabah concept);
Convenient on-line payment facility at all our branches on real time basis.

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