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dloanman

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Islamic financing plan with low monthly payments and optional Takaful coverage. Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank


What is Shariah-Compliant Banking?
Islamic banking in Malaysia is strictly regulated as it is governed by the highest Islamic financing Shariah Advisory Council (SAC) of Bank Negara Malaysia.
This is a Shariah committee that essentially ensures all Islamic personal loans in Malaysia adhere to the Shariah principles, which excludes all of the following practices:
  • Haram - Businesses that include gambling, alcohol, tobacco, pornography and more
  • Riba - Practice of lending with high interest rates
  • Gharar - Speculative or risky sales where the value is dubious or uncertain
  • Zulm - Activities and practices that are exploitative, oppressive or cruel
How does an Islamic Personal Loan Work?
Unlike its conventional counterpart where it is based on the concept of lender and borrower with money as a commodity, Islamic loans do not loan money to the borrower.

Islamic banks will instead “purchase” approved assets or commodity for the borrower and sell it at a higher price for financing.

The Islamic loan is structured in a way where real purchase-and-resale of real assets and commodities is being made so that it is Shariah compliant - Islamic loans are prohibited from making money out of money by charging interest (Riba).

Are Islamic Personal Loans Interest-Rate Free?
The major difference between Islamic personal loan and conventional personal loan is the way banks makes its profit. It can be confusing because Islamic banks claim to not charge interest yet they are charging profit rate.

Let’s break down the differences:

A conventional personal loan is where the bank lends borrowers money with an interest charged on the amount borrowed - this is how banks make money on loans.
The borrower’s monthly loan repayment by instalment includes the specified rate based on a margin above the bank’s base lending rate (BLR) along with the interest rate over a set tenure.

An Islamic personal loan is where the bank buys an asset on behalf of the borrower and selling it at a profit - this profit rate replaces the interest rate (used by conventional loans) as Islamic loans are prohibited from charging interest (Riba).
So, the profit rate is like business earnings from the fee and profit for assets purchase-and-resale.

Compare Islamic personal loans and apply online now.
Click here ==> http://bit.do/pinjamanperibadibank


What are the Benefits of an Islamic Personal Loan?

1. Lower late payment fees.
In an event when there’s any late settlement on loan repayments, the fees may be lower than a conventional loan charge - as compounding interest is prohibited by the Shariah principles. Based on Ta’widh concept, Islamic banks are subjected to charge late payment fees at a maximum rate of 1% per annum.

2. No early settlement fees.
Any early loan settlement before the expiry of loan tenure will get a rebate. Known as Ibra’ (rebate), Islamic personal loans pay an incentive to customers who pay off their personal loans ahead of time. Do note that not all Islamic banks provide this benefit.

3. Fixed repayment amount.
The repayment amount is a fixed one for the entire tenure as compared to conventional loans whereby it varies.

What is the Maximum Islamic Personal Loan I Can Borrow?
Depending on the borrower’s credit rating assessed by the bank during the application, Islamic banks in Malaysia offer loans from RM1,000 - RM250,000.

How to Choose the Best Islamic Personal Loan?
Looking at the profit rate is key to choosing the best Islamic personal loan. List down a few Islamic personal loans with a low-profit rate as a start.
Next, compare them with the Islamic loan’s tenure which will directly impact monthly repayment.
Use the Personal Loan Calculator to help you estimate your monthly repayment.

How Do I Repay My Monthly Instalment?
Typically, you will have 3 options to choose from such as, salary deduction, auto debit for monthly instalment (for salary crediting account) or via Standing Instruction.

Compare Islamic personal loans and apply online now.
Click here ==> http://bit.do/pinjamanperibadibank
 
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dloanman

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Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 

dloanman

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Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 

dloanman

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YEAHHHHHHHHHH MARREEYYYYYYYYYYYY!

Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 

dloanman

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YEAHHHHHHHHHH MARREEYYYYYYYYYYYY!

Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 

dloanman

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Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 

dloanman

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Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 

dloanman

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Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 

dloanman

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Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 

dloanman

CG Top Poster Club
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Get Islamic financing plan with low monthly payments and optional Takaful coverage.
Compare profit rates and apply online now. Click here ==> http://bit.do/pinjamanperibadibank
 
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