Bank Muamalat

Bank Muamalat Hire Purchase-i

Easy apply Shariah compliant car loan with comprehensive Takaful coverage and instant online payments

    • Up to 9 years tenure
    • Fixed Islamic financing
    • Flat profit rate
    • Up to 90% margin of finance
  • ConditionOriginMaximum YearsMargin of FinanceProfit Rate
    NewLocal9 years90%4% p.a.
    Foreign9 years90%2.9% p.a.
    UsedLocal7 years80%4.6% p.a.
    Foreign7 years80%4.6% p.a.

Fees & Charges

There are always fees but how much are they?

Profit Rate for New Cars
from 2.9% p.a. to 4% p.a., depending on car brand, borrowing amount, and period.
Profit Rate for Used Cars
from as low as 4.6% p.a., depending on car brand, borrowing amount, and period.
Stamp Duty
Early Settlement Fee
Late Penalty Fee
1% p.a. in arrears (Ta'widh)

*inclusive of 6% GST


Do you qualify for this financing?

Minimum annual income
Minimum age
18 years old
Maximum age
55 years old
Who can Apply
  • Malaysians

Frequently Asked Questions about Bank Muamalat Hire Purchase-i

Things you might want to know

Who will be eligible for Bank Muamalat Hire Purchase-i?

As long as you are a Malaysian who between the ages of 18 to 55 years you can apply for this loan. For someone below 21 years a guarantor might be required.

I'm aware that this is an Islamic loan, how does it work?

The Muamalat Hire Purchase-i is based on the concept of Al-Ijarah Thumma Al-Bai, which is in essence the leasing of the car to you by the bank. 90% of your car's price can be financed by Bank Muamalat for up to nine years.

What are my repayments like?

Your profit payments are based on the interest rate given to you by the bank. During the last month of financing, you will execute a final payment to the bank in the form of a sales contract which transfers ownership of the car to you.

And if I do not keep up with my repayments?

That would be unfortunate because you'll have to pay 1% interest on the overdue amount. If you don't make payment for two consecutive months the bank has the right to take possession of the car.

Would it be better if I pay off my debts sooner?

Yes, you are given the option to pay the sale price in the form of a lump sum payment for early settlement. For that, you will also be given a rebate on the remaining unearned bank profits for the Bank Muamalat Hire Purchase-i

Great, what documents do I need when applying?

Salaried applicant:

Photocopy of identity card (front and back)
Photocopy of driving license
Latest 3 months salary slips
Latest 3 months bank statemnts
Latest EA form
Latest EPF statement
Letter of employment

Self-employed/non-fixed income applicant:

Photocopy of identity card (front and back)
Photocopy of driving license
Business registration and Borang D
Proprietor or parthners' identity card (front and bank)
6 months latest commission statement
Latest tax return
Latest 6 months' bank statements

Used car documents:

Vehicle sales order
Photocopy of vehicle registration card
Photocopy of seller's IC
Photocopy of AP(JK69), Custom 1,8 and cert. of cencellation (origin country) for reconditioned car.

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