Islamic banks to continue affordable home financing
Published on: Thursday, July 27, 2017
Kuala Lumpur: 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.
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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.Stay up-to-date by following Daily Express’s Telegram channel.
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