AmBank launches new Auto Financing-i Murabahah Tawarruq for up to 100% financing
(From Left) Basharuddin Abdul Wahid, Head, Islamic Retail Banking, AmBank Islamic, Eqhwan Mokhzanee, Chief Executive Officer, AmBank Islamic, Syed Ihsanputra Syed Mohd Fudzan, Head, Consumer Financing, AmBank and Alice Lin, Head, Auto Finance and Direct Sales, AmBank at the Official Launch of AmBank Islamic Auto Financing-i Murabahah Tawarruq which was held at Menara AmBank
Tuesday, 21 March 2023 - AmBank Islamic has introduced the Auto Financing-i Murabahah Tawarruq which is a Shariah-compliant product based on the concept of Murabahah Tawarruq.
Eqhwan Mokhzanee, Chief Executive Officer, AmBank Islamic, said “We are pleased to launch this new financing to boost the local automotive industry. With our national cars becoming more advanced with extensive features, vehicle financing should be enhanced as well. The Auto Financing-i Murabahah Tawarruq offers a higher financing margin with more flexible product features to adapt to new changes in the automotive industry.”
The Auto Financing-i Murabahah Tawarruq is under the fixed rate reducing balance method and it offers financing of up to 100% and flexible tenure of up to nine years for brand new national car purchases. The financing is specially curated for employees of federal/state government, statutory bodies and Government Link Companies (GLC). Employees who enroll in salary deduction via the Biro Perkhidmatan ANGKASA client salary deduction code programme can enjoy a 3-month payment deferment.
Aaron Loo, Managing Director, Retail Banking, AmBank said “AmBank Islamic is one of the first banks to offer financing of up to 100% with minimum gross monthly income requirement of RM1,500. This initiative is to help broaden car ownership opportunities for civil servants. We have also simplified the financing application and approval processes to ensure a fast and worry-free car purchasing journey for our customers.”
For details and features of the Auto Financing-i Murabahah Tawarruq, please visit ambank.com.my/mtqaf.