Best Islamic Personal Financing

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Compare and Apply For The Best Islamic Personal Loans in Malaysia

We found 30 Personal Loan(s) for you!

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Max. Financing Amount
RM 150,000
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    RM 150,000
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      RM 100,000
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        RM 200,000
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          Max. Financing Amount
          RM 200,000
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            RM 200,000
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              Max. Financing Amount
              RM 400,000
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                Max. Financing Amount
                RM 200,000
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                  Max. Financing Amount
                  RM 150,000
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                    Max. Financing Amount
                    RM 300,000
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                      RM 100,000
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                        RM 200,000
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                          RM 200,000
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                            Max. Financing Amount
                            RM 150,000
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                              RM 150,000
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                                RM 200,000
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                                  You Pay
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                                  Profit Rate
                                  % p.a.
                                  Max. Financing Amount
                                  RM 150,000
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                                    Max. Financing Amount
                                    RM 250,000
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                                      Max. Financing Amount
                                      RM 400,000
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                                        Max. Financing Amount
                                        RM 150,000
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                                          Max. Financing Amount
                                          RM 100,000
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                                            Max. Financing Amount
                                            RM 100,000
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                                              % p.a.
                                              Max. Financing Amount
                                              RM 150,000
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                                                Max. Financing Amount
                                                RM 300,000
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                                                  Max. Financing Amount
                                                  RM 1,000,000
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                                                    Max. Financing Amount
                                                    RM 400,000
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                                                      Max. Financing Amount
                                                      RM 250,000
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                                                        Max. Financing Amount
                                                        RM 300,000
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                                                          Max. Financing Amount
                                                          RM 100,000
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                                                            Max. Financing Amount
                                                            RM 50,000
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                                                              Other Personal Loan categories

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                                                              How do you apply for a personal financing online?

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                                                              Step 1

                                                              Use our personal financing calculator to find the best personal financing based on your requirements and eligibility.

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                                                              Step 2

                                                              Select the best product that fits your requirements from the list of recommended personal financing products listed and click on the Apply button.

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                                                              Step 3

                                                              Fill in a form with your details to be submitted for application, and a representative from iMoney or the bank will call you to process the application.

                                                              FAQs Personal Financing in Malaysia - FAQ

                                                              Your short-term money needs can be met by applying for a personal financing. Get relieved off the stress occasioned by urgent needs in times when you are hard up. This could help in scenarios when you want to acquire new furniture or when you have run short of funds for your honeymoon or wedding. This is highly convenient and it is a quick option for those who are in dire need of funds to rescue themselves from sudden money deficits or even the acquisition of a property that has been desired for long at the cost of an arm and a leg.

                                                              • In conventional loans, banks earn from interest rates charged to the borrower. Meanwhile, Islamic financing is based on making a profit through the sale of commodities instead of interest or Riba which is prohibited in Islamic banking.

                                                                Instead of charging you an “interest rate”, banks charge you a “profit rate” in Islamic financing. This is how it works:

                                                                1. When you apply for an Islamic financing, you are basically asking the bank to buy the exact item that you would’ve bought with the loaned money.
                                                                2. This item is then sold back to you at an additional markup.
                                                                3. You are then required to pay for the item in instalments or through a “rent-to-own” scheme. Any amount you pay in addition to the loan amount is called the “profit rate”.

                                                                All this follows the principle of Murabaha which is essentially the concept of providing financing to consumers based on pre-determined profits rather than an interest rate.

                                                              • You are charged “profit rate” instead of “interest rate”

                                                                As mentioned above, a key difference between conventional loans and Islamic financing is how the bank makes a profit. In conventional loans, banks charge an “interest rate” on the money you borrow. Meanwhile in Islamic financing, the bank buys the asset you wish to buy with the borrowed money on your behalf, and then sells it back to you at a markup.

                                                                Since the markup is predetermined, the additional amount you pay every month is fixed and called a “profit rate” instead of an “interest rate”.

                                                                This adheres to Islamic banking principles which prohibits the charging of Riba (or interest).

                                                                There is no early settlement fee

                                                                An “early settlement” is when you finish repaying your loan earlier than the agreed tenure. Conventional personal loans charge you a fee for early settlement (typically 1% - 3%). On the contrary, Islamic financing gives you a rebate (or “Ibra”) if you repay your financing earlier than agreed.

                                                              • Lower late payment fees

                                                                As compounding interest is prohibited by Shariah principles, late payment fees may be lower in Islamic financing. This means that in the event you settle your loan repayments late, the interest will not compound as they do in conventional personal loans.

                                                                In fact, the Ta’widh concept only allows Islamic banks to charge late payment fees at a maximum rate of 1% per annum.

                                                                Rebate for early settlement

                                                                An “early settlement” is when you finish repaying your loan earlier than the agreed tenure. While conventional personal loans charge you a fee for early settlement (typically 1% - 3%), Islamic financing gives you a rebate (or “Ibra”) if you repay your financing earlier than agreed.

                                                              • The requirements are similar for conventional personal loans. While eligibility criteria may differ across banks and products, some of the basic requirements are:

                                                                • Malaysian Citizenship - both Muslims and non-Muslims can apply
                                                                • Minimum Age ranges between 18 - 25 years old
                                                                • Maximum Age ranges between 58 - 65 years old
                                                                • Minimum Monthly Income typically ranges between RM1,500 - RM5,000
                                                                • A Guarantor or Collateral may or may not be required, depending on the bank

                                                                Use our personal financing calculator to find the Islamic financing that best fits your needs and eligibility.

                                                              • Murabaha – A financial arrangement between a buyer and a seller where the cost and markup of an asset are agreed beforehand. In Islamic financing, the borrower will repay the bank a fixed monthly rate (inclusive of the markup) instead of an interest rate as is used in conventional personal loans. Simply put, the “markup” replaces the interest rate (Riba) which is prohibited in Islamic banking.

                                                                Riba – The Arabic word for “an addition to” or “excess”, Riba in the context of Islamic banking simply means “interest”. Riba is prohibited in Islamic banking to ensure equity in exchange between a lender and a borrower.

                                                                Tawarruq – A concept followed by certain Islamic financing facilities. Tawarruq is essentially a financial arrangement where a buyer who needs liquidity or cash flow purchases a commodity from a seller at a higher price but on a deferred payment basis. The buyer then sells the commodity to a third party who pays on the spot.

                                                                If you would like to find out more about Islamic financing, head to our Learning Centre.