Bank Muamalat

Bank Muamalat Hire Purchase-i

Easy to apply Islamic hire purchase offering up to 90% margin of financing, 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%2.95% p.a.
    UsedLocal7 years80%4.6% p.a.
    Foreign7 years80%4.6% p.a.
View product disclosure sheet.

Fees & Charges

There are always fees but how much are they?

Profit Rate for New Cars
from 2.95% 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)


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 can apply for Bank Muamalat Hire Purchase-i?

All Malaysian individuals aged between of 18 to 55 years old can apply for Islamic hire purchase without a guarantor required. If you own a Malaysia-registered business property or are in a business partnership, you can apply for this hire purchase too.

How does this Islamic car loan work?

Bank Muamalat Hire Purchase-i follows the Islamic concept of Al-Ijarah Thumma Al-Bai, i.e. the leasing contract between a lessee and the bank. The mechanics of this Islamic car loan are similar to that of those in the market: 

  • The bank can finance the purchase of your vehicle up to a margin of 90%;
  • The repayment term is stretched for up to 9 years;
  • The profit charged to the borrowing amount is fixed for the entire leasing tenure.

Are there benefits can I reap from this car financing?

First of all, you can get your financing application approved within 5 days or less after submitting all relevant documents to Bank Muamalat. Also to keep in mind that the approval is based on your credit profiles and other factors - thus, ensure to always maintain a good financial standing.

The best part of this car financing plan is that you can subscribe to a comprehensive Muamalat Motor Takaful (underwritten by Zurich Takaful Malaysia) via online. 

What is my monthly commitment?

Your total repayment will consist of a principal and profit charge divided into equal monthly instalments. Every month you need to repay to the bank this fixed amount until the end of your tenure. 

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.

If you are behind on your monthly instalment, you will incur a late payment fee of 1% p.a. on the overdue amount. Worst, the bank can repossess your vehicle should you defaulted for 2 consecutive months!

To avoid that, make a prompt monthly payment. Or even better, settle off your car financing before the end of your borrowing period at zero cost. In fact, you will also be entitled to a rebate on the remaining unpaid profits.

What documents do I need to prepare?

Salaried applicant:

  • Copy of NRIC (front and back)
  • Copy of driving license
  • Latest 3-months salary slips
  • Latest 3-months bank statements
  • Latest EA form / EPF statement / BE Form
  • Letter of employment

Self-employed/non-fixed income applicant:

  • Copy of NRIC (front and back)
  • Copy of driving license
  • Business registration and Borang D
  • Letter of employment
  • Proprietor or partners' identity card (front and bank)
  • Latest 6-months commission statement / 2-years annual statement
  • Latest tax return / BE Form
  • Latest 6-months bank statements
  • Latest Financial Accounts
  • Latest 3 years of the Audited Accounts/Certified Account (Sdn Bhd)

Transactional documents:

  • Vehicle sales order
  • Photocopy of vehicle registration card (secondhand & used reconditioned)
  • Photocopy of seller's IC (secondhand cars only)
  • Photocopy of AP(JK69), Custom 1,8 and cert. of cancellation (origin country) for reconditioned car.

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