Al-Rajhi Bank: Islamic Financing Solutions

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.

Pinjaman Peribadi Al-Rajhi Personal Loan

Al-Rajhi Personal Loan: Summary

  • Bank Name: Al-Rajhi
  • Abbreviation / Code Name: –
  • Bank Promotion Name: General Info about personal financing by Al-Rajhi

About Al-Rajhi Malaysia

Pinjaman Peribadi Al-Rajhi Personal Loan

Al-Rajhi Bank, founded in 1958 and headquartered in Riyadh, Saudi Arabia, has established a strong presence in Malaysia with numerous branches across the country. Offering convenient internet banking services known as Alrajhi 24 Seven, customers can enjoy seamless online transactions through platforms like Maybank2u and Cimbclicks, provided by Maybank and CIMB Bank, respectively.

One of the bank’s most sought-after products is the Al-Rajhi personal loan, which has gained significant popularity in recent years. This is largely attributed to its collaboration with the Cooperative Development Fund Berhad (KPUNB) and Kobeta, dominating the personal loan market for government employees and statutory bodies.

Stay updated with the latest promotions and updates on personal loans from Al-Rajhi Bank. Their most attractive offer features an incredibly low interest rate of 3.99% and a high payout of 99.1%.

Although this new product has not been launched yet, 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.

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.

This opportunity is open exclusively 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.

Al-Rajhi Bank: Flexible Financing Solutions Tailored to Your Needs

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.

Personal Loan 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)

*1strequest for the year is FOC
* All fees are inclusive 6% GST unless stated otherwise.

How to apply

  1. Step 1 – Fax or email your NRIC, Military ID or Police ID and the Personal Financing-i application form
  2. Step 2 – Our Financial consultants will assist you with your enquiries

Al-Rajhi Bank Personal Loan Options 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. With attractive rates starting from 6.99% per annum, financing limits of up to 5 or 8 times your monthly income or RM150,000 (whichever is lower), and a flexible tenure of up to 8 years, it’s a viable solution for various financial requirements.

To qualify, applicants must be at least 25 years old, with a minimum gross income of RM4,500 and above, subject to an annual income of RM60,000 for fixed income earners. Rest assured, Al-Rajhi Bank’s personal financing-i is designed to comply with Shariah principles, offering a transparent and ethical banking solution for individuals seeking financial assistance.

Frequently Asked Questions (FAQ) about Al-Rajhi Bank

Curious about Al-Rajhi Bank? Explore our FAQ section for answers to common questions. Find out more about our services, policies, and how we can meet your needs. Dive into our FAQ to discover everything you need to know before getting started. Start exploring now!

What is the largest Islamic bank in the world?

The largest Islamic bank in the world by total assets is the Al Rajhi Bank, based in Saudi Arabia.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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:

  1. Highlight the ethical and Sharia-compliant nature of Islamic banking, appealing to customers who prioritize ethical and socially responsible financial practices.
  2. 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.
  3. 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.
  4. Provide educational resources and information about Islamic banking principles and their benefits, empowering customers to make informed decisions about their financial choices.
  5. 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.
  6. 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.

Article Related to Personal Financing from Banks

www.alrajhibank.com.my

Al-Rajhi Bank Personal Loan Reviews

Customer Reviews about Al-Rajhi Personal Loan

Getting approved for a personal loan from Al-Rajhi Bank has been a delightful experience for me. As a government staff, the process was incredibly smooth and hassle-free. One of the standout features of applying with Al-Rajhi Bank was the minimal documentation required, which made the entire process much more convenient.

Being a government employee, I found that Al-Rajhi Bank understands the needs of its customers in the public sector and has tailored their services accordingly. The ease of application and quick approval made it a seamless experience for me, allowing me to access the funds I needed without any unnecessary delays or complications.

Moreover, having a home loan with Al-Rajhi Bank added to the convenience factor. It's beneficial to have multiple financial products with the same institution, as it simplifies banking and allows for better integration of services.

Overall, I am highly satisfied with my experience with Al-Rajhi Bank's personal loan offerings. The professionalism and efficiency displayed by their staff members during the application process were commendable. The transparency and clarity provided throughout the process instilled confidence in me as a customer, and I feel reassured knowing that I am dealing with a reputable financial institution.

I would highly recommend Al-Rajhi Bank's personal loan and other services to anyone looking for a reliable and hassle-free borrowing experience. Their customer-centric approach and commitment to delivering quality financial solutions make them a top choice for individuals seeking personal financing options.

Rozzana Binti Abdul Wahab

Teacher

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