Financing Solution at its Best
  1. What is this product about?
    AITAB New Car Financing allows you to purchase a brand-new car directly through any of our authorised new car dealers with an affordable monthly rental. This product is based on the concept of Al-Ijarah Thumma Al-Bai’ (AITAB).
    AITAB Flexi New Car Financing allows you, as customer or hirer to purchase a new car directly through any of our authorized car dealers with lower monthly rental and flexible than the current AITAB new car financing. A portion of the financing’s principal balance is armortized over that 84 months. The remaining principal balance is paid as a final rental payment at the end of the tenure. This product is based on the concept of Al-Ijarah Thumma Al-Bai’ (AITAB)
  2. What do I get from this product?
     
    AITAB New Car Financing
    AITAB Flexi New Car Financing
    Financing Tenure
    Minimum tenure is 12 months and up to maximum tenure of 84 months
    84 months
    Annual Profit rate (APR)
    BIBD At-Tamwil Berhad offers competitive profit rates* or depending on the car model and financing tenure.
    *Subject to car dealer promotion
    Total Amount Finance
    • Up to a maximum Total Debt Service Ratio (TDSR) of 60% for those with net income of BND 1,750.00 and above
    • For those with net income below BND 1,750.00 shall be subject to BIBD At-Tamwil Berhad's policy.
    Inspection of Vehicle Finance
    Not required
    Upon successful application, BIBD At-Tamwil will send the following documents to the customers: -
    1. A copy of the signed AITAB Contract Agreement;
    2. A copy of Summary of Financial Obligations under proposed AITAB Contract Agreement relating to the collaterals which include cash price of the goods, terms charges, rate per annum, total amount customer will have to pay, monthly rental amount and rental period;
    3. A payment Schedule that provides information such as Account Number, Registration Number, Approved Principal Amount, Tenure, Annual Profit Rate (APR), Commencement Date, Principal Opening Balance, Profit Charged, Principal Payment, Principal Closing Balance and Due Date.
  3. What is the Syariah concept applicable?
    AITAB new car financing is based on the concept of Al-Ijarah Thumma Al-Bai’ (hire followed by purchase), whereby BIBD At-Tamwil Berhad will purchase a new vehicle (“the vehicle”) selected by customer for the purpose of renting the vehicle to the customer with an agreed tenure and monthly rental. At the end of the tenure, the customer (on a separate contract) is given the option to purchase the vehicle from BIBD At-Tamwil Berhad at the nominal Payment of B$1.00 purchase price. Upon receipt of the payment, the customer becomes the legal owner of the vehicle.
    AITAB Flexi new car financing is based on the concept of Al-Ijarah Thumma Al-Bai’ (hire followed by purchase), whereby BIBD At-Tamwil Berhad will purchase a new vehicle (“the vehicle”) selected by customer for the purpose of renting the vehicle to the customer with an agreed tenure and monthly rental. At the end of the tenure, before the last monthly rental payment, the customer (on a separate contract) is given the option to purchase the vehicle from BIBD At-Tamwil Berhad at the purchase price of the last monthly rental or the remaining outstanding amount. Upon receipt of the payment, the customer becomes the legal owner of the vehicle.
  4. Do I need takaful coverage?
    It is not compulsory; however, you may subscribe to a Consumer Financing Protection (CFP) at any of our Sales Counters. The CFP will protect your financing in the event of death by settling your outstanding obligations with BIBD At-Tamwil Berhad. The CFP contribution is only payable once and it will cover the entire financing period. The CFP is provided by our authorised Takaful Company.
    You may choose either to subscribe directly from our authorised Takaful Company or at our operation counter or to include the CFP amount in your AITAB New Car Financing or AITAB Flexi New Car Financing.
  5. What documents do I need to submit to apply for this product?
    The documents required for this financing are as follows:
    • Original and valid identity card;
    • Original and valid driving license;
    • Original and valid latest salary slip;
    • Latest bank statement; or bank statements with other Financial Institutions (where applicable)
    • Confirmation of Salary/ Pension/ Service Contract (where applicable)
    • Business Registration Certificate (where applicable)* and
    • Any other supporting documents necessary for our verification.
    *Subject to BIBD At-Tamwil Berhad's assessment of the company's/customer's employment profile.
Product Disclosure Sheet
Please read this Product Disclosure Sheet before you decide to take the AITAB New Car Financing or AITAB Flexi New Car Financing.