AITAB Used Car Financing allows you to purchase a used car with an affordable monthly rental. This product is based on the concept of Al-Ijarah Thumma Al-Bai’ (AITAB).

AITAB Flexi Used Car Financing allows you, as customer or hirer to purchase a used car with lower monthly rental instalment and flexible than the current AITAB used 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.

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 tenure;
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.

AITAB used 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 used 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.

It is mandatory for you to contribute or 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 contribute or subscribe directly from our authorised Takaful Company or at our operation counter or to include the CFP amount in your AITAB Used Car Financing or AITAB Flexi Used Car Financing.