KUALA LUMPUR, April 30 — Islamic banking institutions will be reaching out to their customers directly to provide greater clarity on the moratorium on Islamic hire purchase and Islamic fixed rate financing products.
In a statement today, the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said the banks will advise their respective customers on the specific details such as changes in terms, which may include revised installments, amounts to be paid once the six months’ moratorium is over and the revised tenure.
“This is to ensure compliance to Shariah contractual requirements is achieved in the implementation of a moratorium for the affected financing products during the movement control order (MCO).
“In order to achieve this, we encourage customers to adhere to the communicated processes and timelines provided by member banks. Notifications are expected to be shared as early as May 1, 2020,” it said.
AIBIM added that customers should check with member banks on their moratorium eligibility.
“We strongly encourage affected customers to seek clarification and advice from their respective Islamic banks to ensure better understanding, especially on the changes and processes once they have received the notification.
“Customers are also encouraged to refer to the individual bank’s websites or customer care centres for further information,” it said.
The association also advised customers to remain vigilant against scammers and fraudsters, especially during this period of time. — Bernama
