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Islamic Banks To Continue Providing Affordable Home Financing
Last update: 26/07/2017

KUALA LUMPUR, July 26 (Bernama) -- Malaysia's†Islamic banking institutions will continue to provide home financing facilities to eligible customers through schemes, said the Association of Islamic Banking Institutions Malaysia (AIBIM).

"A total of RM14.25 billion was†approved by Islamic banks for purchases of residential properties as at May 2017.

"This represents†37.3 per cent†of the total Islamic financing of†RM38.2 billion,"†said AIBIM†President,†Datuk Mohd Redza Shah Abdul Wahid†in a statement today.

He said Islamic banking institutions also offered various home financing products to cater to†different needs of specific market segments, such as†civil servants, rural and urban lower income groups, as well as young urban adults.

The products offered were based on various shariah contracts, namely†Tawarruq,†Musyarakah Mutanaqisah†and†Murabahah.

Mohd Redza said the financing guidelines were in place to protect the interest†of home purchasers†by ensuring they had†the capacity to honour the financial obligation.

"It†is to ensure customers do not fall into financial hardship in future," he added.



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Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

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