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Bank Muamalat Additional Faqs - Moratorium For Vehicle Financing
Bank Muamalat Additional Faqs - Moratorium For Vehicle Financing
This FAQ is an additional information to the earlier FAQ provided by the Bank and in response to
the BNM’s Announcement dated 30 April 2020 on Operationalisation of Moratorium for Hire
Purchase Financing and Fixed Rate Islamic Financing Products.
Pursuant to the Ministry of Finance (MoF) press statement on 6 May 2020, Bank Muamalat Malaysia
Berhad (Bank Muamalat) would like to inform that the Bank will not impose any additional charges
to all eligible Bank Muamalat Vehicle Financing customers who agree to participate in the 6-month
moratorium, starting from 1 April to 30 September 2020.
This Announcement is required to ensure compliance with the procedures stated under the Hire
Purchase Act, 1967 and the Shariah requirements.
1. Question : Why does a Vehicle Financing customer need to apply for the moratorium?
Answer : A customer has to officially confirm his/ her wishes and intentions to take
up the moratorium.
2. Question : How do I know whether my financing is under fixed rate and is eligible for
this moratorium?
Answer : The affected customer will be notified via SMS. Alternatively, customer can
refer to the respective financing Letter of Offer for confirmation on the
applicable type of rate.
3. Question : I want to continue and apply for the moratorium. How do I maintain the
deferment package?
Answer : Please complete the Bank Muamalat’s “Web-Request Form” made available
in the Bank’s Website at “Talk To Us” section or click here on or before 30
June 2020. Kindly select item in the “subject” field on your desired payment
option.
6. Question : I have multiple Vehicle Financing with Bank Muamalat but only wish to apply
moratorium for selected financing. What should I do?
Answer : Please do the same as per Q3 (above). In the “Description” section, please
specify the Vehicle Financing for which you would like to apply for a
moratorium.
8. Question : Is there any additional fee or charge, i.e. legal fee if I wish to apply for the
moratorium?
Answer : No additional charges or fees will be imposed/levied on the customer.
9. Question : How do I “opt-out” of the deferment arrangement now if I had not done so
previously?
Answer : Please complete the Service Request Form (SRF) available in the Bank’s
Website at “Announcement” section or click here if you wish to opt-out
from the automatic deferment package and email to
moratorium@muamalat.com.my on or before 30 June 2020. Please continue
to make timely instalment payments, as scheduled.
You can pay your earlier deferred instalments, i.e. April and May 2020
instalments, together with your June 2020 monthly instalment in the month
of June 2020 before the due date and this will not affect your CCRIS records.
Late payment charge will be levied if no payment is received by the
scheduled due date.
Please contact the Bank if you require any further arrangement.