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Al-Rajhi Bank
Discover Al-Rajhi’s Sharia-compliant personal loan offerings, crafted to align with your needs. Our competitive financing solutions cater to diverse requirements while adhering strictly to Islamic principles. Whether it’s financing a new venture, covering unexpected expenses, or pursuing personal goals, our loans offer flexibility and affordability. With transparent terms and efficient processing, we ensure a seamless borrowing experience. Experience the assurance of Sharia compliance combined with tailored financial solutions designed to empower you on your journey. Choose Al-Rajhi for personalized assistance and dependable support in achieving your aspirations.
About Al-Rajhi Malaysia
A Brief Overview
Founded in 1958 and headquartered in Riyadh, Saudi Arabia, Al-Rajhi Bank has made significant strides in establishing a robust presence in Malaysia. With numerous branches strategically located across the country, the bank has become a familiar name among Malaysian consumers.
Seamless Online Banking Experience
Al-Rajhi Bank offers convenient internet banking services known as Alrajhi 24 Seven, allowing customers to conduct seamless online transactions. Through platforms like Maybank2u and Cimbclicks, provided by Maybank and CIMB Bank respectively, customers can enjoy the ease and efficiency of managing their finances from the comfort of their own homes.
The Popular Al-Rajhi Personal Loan
One of the bank’s most sought-after products is the Al-Rajhi personal loan, which has gained significant popularity in recent years. This loan product has become highly desirable, particularly due to its collaboration with the Cooperative Development Fund Berhad (KPUNB) and Kobeta. This collaboration has resulted in Al-Rajhi Bank dominating the personal loan market for government employees and statutory bodies.
Stay Updated with Latest Promotions
Stay informed about the latest promotions and updates on personal loans from Al-Rajhi Bank. Their most attractive offer boasts an incredibly low-interest rate of 3.99% and a high payout of 99.1%.
How to Apply
Although this new product has not been officially launched, interested individuals can still apply through reputable cooperatives such as Koperasi Gemilang Siswazah (KOGEMILANG), Yayasan RCE Perlis, Koperasi Petronesa, Koperasi Kobena, Ikhtiar Destinasi, Coshare, and many more.
Exclusive Opportunity for Civil Servants
This opportunity is exclusively open to permanent civil servants and police personnel. Private sector employees are encouraged to visit their nearest bank branch to obtain further information about the products and services offered by Al-Rajhi Bank.
Commitment to Customer Service
Rest assured, Al-Rajhi Bank is committed to providing the best service to its customers. For applicants residing outside the Klang Valley, application forms will be conveniently mailed to you. However, it’s important to note that the application form needs to be approved by the employer or payroll unit.
Flexible Financing Solutions
Looking to finance your child’s education, renovate your home, or fulfill your dream vacation plans? Al Rajhi personal financing-i offers a solution to meet your financial needs. This facility provides you with the necessary funds for personal use, whether it’s for home renovation or securing your child’s education funds.
With attractive rates starting as low as 6.99% per annum, you can access high financing limits of up to 5 or 8 times your monthly income or RM150,000, whichever is lower. Additionally, enjoy flexible financing tenure of up to 8 years, allowing you ample time to repay the loan. The best part? No guarantor is required, making the application process hassle-free.
Rest assured, Al Rajhi personal financing-i is approved by the Al Rajhi Bank Malaysia Shariah Board, ensuring compliance with Islamic finance principles. However, certain terms and conditions apply, so be sure to review them before proceeding.
To qualify for this financing, applicants must be at least 25 years old and have a minimum gross income of RM4,500 and above. Please note that this income requirement is subject to a minimum annual income of RM60,000 and applies to fixed-income earners only.
Rates & Charges
FEES TYPE, DETAILS
- Stamp Duty: MCSA 0.5% ad-valorem
- Takaful: Depends on the amount financing, tenure and age
- Retrieval/ Photocopy of Security Documents
Actual cost
- Lawyer’s fee for PF-Balance Transfer Programme
- RM 21.20 upon each approved Balance Transfer Programme
- BURSA transaction fee: As per Bursa Charges @RM15.90 per every RM 1,000,000.00
- Redemption Statement Fee: RM 10.60 per request
- Annual Financing Statement Fee: RM 5.30 per request (Ad-hoc)
*1st request for the year is FOC
* All fees are inclusive 6% GST unless stated otherwise.
How to apply
- Step 1 – Fax or email your NRIC, Military ID or Police ID and the Personal Financing-i application form
- Step 2 – Our Financial consultants will assist you with your enquiries
Personal Financing-i for Private Sector Employees
For private sector employees, a visit to the nearest Al-Rajhi Bank branch is necessary to inquire about the products and services available. Whether you seek financing for your child’s education, home renovation, or dream vacation, Al-Rajhi’s personal financing-i offers a Shariah-compliant platform to meet your financial needs.
Shariah-Compliant Financing
Al-Rajhi Bank’s personal financing-i adheres strictly to Shariah principles, providing a transparent and ethical banking solution for individuals seeking financial assistance. With Al-Rajhi, you can be confident that your financing needs are met in accordance with Islamic finance principles.
Key Features and Benefits
- Competitive Rates: Enjoy attractive rates starting from 6.99% per annum, ensuring affordable financing options for various purposes.
- Generous Financing Limits: Benefit from financing limits of up to 5 or 8 times your monthly income or RM150,000 (whichever is lower), providing ample financial support to realize your goals.
- Flexible Tenure: With a flexible tenure of up to 8 years, you can tailor your repayment schedule to suit your financial situation and preferences.
Eligibility Criteria
To qualify for Al-Rajhi Bank’s personal financing-i, applicants must meet the following criteria:
- Age Requirement: Applicants must be at least 25 years old.
- Minimum Income: A minimum gross income of RM4,500 and above is required, subject to an annual income of RM60,000 for fixed income earners.
Empowering Financial Goals
Al-Rajhi Bank’s personal financing-i empowers individuals to achieve their financial goals with confidence. Whether it’s funding education expenses, renovating your home, or embarking on a dream vacation, Al-Rajhi Bank is committed to providing accessible and Shariah-compliant financing solutions tailored to your needs.
Contact Al-Rajhi Bank Malaysia
Level 17 Menara Chan
138 Jalan Ampang
50450 Kuala Lumpur
Tel: +603 2332 6000
Fax: +603 2332 6062
E-mail: customersupport@alrajhibank.com.my
Frequently Asked Questions (FAQ)
Find answers to common questions in our FAQ section. Whether you need help, guidance, or quick tips, we’ve got the information you need! Browse our expert responses and get the solutions you’re looking for—fast and easy.
What is the largest Islamic bank in the world?
What are the differences between Islamic banking and conventional banking?
The differences between Islamic banking and conventional banking are primarily based on their underlying principles and practices:
- Interest (Riba):
- Islamic Banking: Prohibits the charging or paying of interest (riba) as it is considered exploitative and against Sharia law.
- Conventional Banking: Interest-based transactions are fundamental to conventional banking operations.
- Risk-sharing:
- Islamic Banking: Emphasizes risk-sharing between the bank and the customer. Profit and loss are shared based on predetermined ratios.
- Conventional Banking: Risk is primarily borne by the bank, and profits are distributed to shareholders.
- Asset-Backed Financing:
- Islamic Banking: Requires that financial transactions be backed by tangible assets or services to ensure the transactions comply with Sharia law.
- Conventional Banking: Transactions are not necessarily required to be asset-backed, and lending decisions are often based on creditworthiness.
- Investment Principles:
- Islamic Banking: Investments must adhere to Islamic principles, such as avoiding investments in businesses that deal with alcohol, gambling, or other prohibited activities.
- Conventional Banking: Investment decisions are based on maximizing returns, with fewer restrictions on the types of investments made.
- Transparency:
- Islamic Banking: Promotes transparency and disclosure of information related to transactions to ensure compliance with Sharia principles.
- Conventional Banking: While transparency is also important, the focus may be more on regulatory compliance rather than religious principles.
- Social Responsibility:
- Islamic Banking: Encourages social responsibility and ethical conduct in financial dealings, aligning with Islamic values of fairness and justice.
- Conventional Banking: Social responsibility may vary among institutions but is generally not based on religious principles.
These differences reflect the distinct approaches and ethical frameworks that underpin Islamic banking and conventional banking systems.
How do we persuade customers to opt for Islamic banking?
There are several ways to persuade customers to consider Islamic banking:
- Highlight the ethical and Sharia-compliant nature of Islamic banking, appealing to customers who prioritize ethical and socially responsible financial practices.
- Emphasize the stability and resilience of Islamic banking principles, particularly during economic downturns, as they are based on risk-sharing and asset-backed transactions rather than interest-based lending.
- Showcase the range of innovative Islamic financial products and services available, tailored to meet the diverse needs of customers, such as Sharia-compliant personal loans, savings accounts, and investment opportunities.
- Provide educational resources and information about Islamic banking principles and their benefits, empowering customers to make informed decisions about their financial choices.
- Offer competitive rates and terms for Islamic banking products, demonstrating that Sharia-compliant banking options can be as attractive and advantageous as conventional banking alternatives.
- Cultivate trust and confidence by delivering excellent customer service and building strong relationships with customers, ensuring that their needs and preferences are understood and addressed effectively.
Al-Rajhi Bank: Summary
- Article Title: Al-Rajhi Bank
- Category: #Bank #PersonalLoan #
- Purpose: #GeneralInformation #
- Source: Malrajhibank.com.my official website
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