Recommend Us | About Us | Back to

News | Financial Calculator | Home Financing | Archived News |


  Welcome to Bernama Banking & Finance Special Page     
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.



Deficit Talent In Islamic Finance Impacts Quality Sukuk Issuance
Bank Islam's 147th Branch Opens In Kodiang

Bank Islam Signs MoU To Drive Digital Platform

Overseas Assurance Corp Rebranded As Great Eastern Insurance
Disaster Insurance Scheme To Be Introduced Nationwide - Shahidan

Insurance Industry Needs To Continue Innovating To Combat New Competition

US 4.2790/2830
S'pore 3.1399/1439
100 Yen 3.9138/9193
Sterling 5.4925/4985
Euro 5.0291/0355
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?

  Main | News | Insurance

© 2017 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution