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Affin Islamic Bank Hire Purchase (Car Loan)


Hire Purchase-i by Affin Islamic Bank is vehicle financing based on the Shariah concept Al Ijarah Thumma Al Bai (AITAB). Under the Al-Ijarah contract, the hirer (customer) hires the goods from the owner (the bank) at an agreed rental over a specified period. Within the hiring period, the hirer signs the leasing contract for the goods from the owner at an agreed price. During the period of the agreement, the bank owns the vehicle.

There are two contracts involved in this concept. The first contract, leasing contract, and the second contract, a sales contract. The contracts are undertaken one after the other. Upon settlement of the hire rentals, the Sales Contract will be executed, thus transferring the ownership of the vehicle from the bank to the hirer.

However, in the event of the customer failing to perform his obligation to service the hire rental or performs otherwise from the terms and conditions stated in the agreement, the bank has the right to exercise reasonable actions to mitigate its losses.

For more details, please contact the Call Centre at 03-5522 3000 or visit the nearest AFFIN ISLAMIC branches.

Head Office Address

Tingkat 17, Menara Affin
No. 80, Jalan Raja Chulan
50200 Kuala Lumpur

Tel : +603 2055 9000
Fax: +603 2026 1415

Hot Line: 1 800 88 3883





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