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
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.
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