Finance Minister, Tengku Dato’ Sri Zafrul Aziz, has proposed that Malaysian banks consider waiving the accrued interest on deferred instalments during the 6-month moratorium.
Stating on his Facebook page, Tengku Dato’ Sri Zafrul mentioned that there “is a possibility that it can be done”, and especially so after taking the public’s view into account. According to Tengku Dato’ Sri Zafrul, the issue of interest accrual during the moratorium lies under Bank Negara Malaysia’s purview via the Bank Negara Act 2009. However, he stated that the Ministry of Finance has approached both BNM as well as the local banks to facilitate discussions and “make the right decision” that meets the needs of the rakyat.
After reports from RinggitPlus and several dailies about the possibility of interest accrual on hire purchase loans and fixed-rate Islamic financing, there was a major outcry from Malaysians who were previously led to believe that both these instruments would not accrue interest during the moratorium.
In a previous comment, Tengku Dato’ Sri Zafrul suggested that the confusion arose from a “misunderstanding in the FAQ posed by BNM”, and encouraged both BNM and banks to improve communications to their customers.
(Source: Tengku Zafrul (Facebook))