Al-Rajhi Bank Malaysia is an Islamic bank that began its operations with a main branch at Jalan Ampang on 16 October 2006, and has since expanded to 18 branches nationwide. It aims to become a universal bank delivering innovative Shariah-principled financial solutions.
Al-Rajhi Bank offers various loan products in Malaysia, adhering to Islamic financing principles. Here are some of the loan services provided by Al-Rajhi Bank in Malaysia:
Personal Financing
Personal Financing-i: This financing service is designed to help individuals meet their financial needs, such as funding for home renovation or education. The highlights of this service include attractive rates as low as 6.20% p.a., a high financing limit of up to RM250,000, and a financing tenure of up to 8 years. It requires no guarantor and is approved by the Al Rajhi Bank Malaysia Shariah Board.
Cash Line Financing
Cashline-i: This financing option allows individuals to easily draw, pay, and redraw funds from their Current Account-i (CA-i) held with Al-Rajhi Bank Malaysia, up to the approved limit. It provides attractive rates as low as SBR + 6.50% with a tenure of up to 8 years.
Home Financing
Home Financing-i: This service provides a margin of financing up to 90% and a maximum loan period of 25 years. Al-Rajhi Bank’s benchmark BFR is higher than most Islamic banks, standing at 6.9%.
Home One Account: Specific details on the features of the Home One Account service were not available. However, further information can be found on the official page of Al-Rajhi Bank.
Other Financing Services
Personal Financing Secured By Term Deposit: This is another form of personal financing where the loan is secured by a term deposit.
Personal Financing Secured By Gold: This financing service is secured by gold.
Corporate Community Select Programme – Salary Deduction (CCSP-SD): This is a program under the personal financing category, but the specifics were not detailed.