Vehicle

FINANCING

Islamic Hire Purchase (AITAB)

Modeled on the Shariah principle of Al Ijarah Thumma Al Bai (AITAB) which literally means leasing with subsequent purchase

Overview

Islamic Hire Purchase financing follows the Shariah contract as well as the spirit of the Hire Purchase Act 1967. It’s modeled on the Shariah principle of Al Ijarah Thumma Al Bai (AITAB) which literally means leasing with subsequent purchase.

It’s applicable for financing new, secondhand and reconditioned motor vehicles, with maximum financing tenure up to 9 years and margin of finance (MOF) up to 90%.

Term of Financing

Type of vehicle

Margin of finance

Financing period

New passenger car, 4WD, MPV and SUV

 

Maximum of 90% of seller's invoice

 

 

Maximum 108 months

Unregistered reconditioned (imported) vehicle

Secondhand passenger car, 4WD, MPV and SUV

Maximum of 85% of seller's invoice

How to Apply

Applicant

New Vehicle / Unregistered reconditioned

Used vehicle

Individual (Fixed Income Earner)

- Purchase of passenger vehicle

- Purchase of vehicles other than passenger vehicle
  • NRIC
  • Driving License (applicant only)
  • Passport and employment / Contract Letter for foreigner
  • Latest 2 months' Salary Slips /vouchers
  • Latest EA or EPF Statement orEmployment Confirmation or 3 months Bank / Passbook Statementor ASB/ASN
  • Spouse details (NRIC and latest 2 months' proof of income if to support household income)
  • * Local guarantor is compulsory for foreigner and guarantor need to submit documents as per item 1, 4 and 5.
  • NRIC
  • Driving License (applicant only)
  • Passport and employment / Contract Letter for foreigner
  • Latest 2 months' Salary Slips /vouchers
  • Latest EA or EPF Statement orEmployment Confirmation or 3 months Bank / Passbook Statementor ASB/ASN
  • Spouse details (NRIC and latest 2 months' proof of income if to support household income)
  • VOC (Vehicle Ownership Certificate)
  • Pro forma invoice or invoice
  • * Local guarantor is compulsory for foreigner and guarantor need to submit documents as per item 1, 4 and 5.

 

 

 

Sole Proprietorship / Partnership / Self Employed

- Purchase of passenger vehicle

- Purchase of vehicles other than passenger vehicle
  • NRIC
  • Driving License (applicant only)
  • Passport and employment / Contract Letter for foreigner
  • Latest 2 months' Salary Slips /vouchers
  • Latest EA or EPF Statement or Employment Confirmation or 3 months Bank / Passbook Statement or ASB/ASN
  • Spouse details (NRIC and latest 2 months' proof of income if to support household income)
  • * Local guarantor is compulsory for foreigner and guarantor need to submit documents as per item 1, 4 and 5.
  • NRIC
  • Driving License (applicant only)
  • Passport and employment / Contract Letter for foreigner
  • Latest 2 months' Salary Slips /vouchers
  • Latest EA or EPF Statement or Employment Confirmation or 3 months Bank / Passbook Statement or ASB/ASN
  • Spouse details (NRIC and latest 2 months' proof of income if to support household income)
  • VOC (Vehicle Ownership Certificate)
  • Pro forma invoice or invoice
  • * Local guarantor is compulsory for foreigner and guarantor need to submit documents as per item 1, 4 and 5.