About Arif Hire Purchase-i
This is an Islamic financing facility for leasing / hire and subsequent purchase of vehicles. To support Malaysia's aspiration to become carbon neutral by 2050 and in line with the Low Carbon Mobility Blueprint (2021-2030) framework that aims to shift Malaysia towards electrification in the transportation industry as a key strategy to reduce emissions, preferential financing rates will be offered for electric vehicles*.
*Electric Vehicles is defined as Battery Electric Vehicles (BEVs)
Al-Ijarah Thumma Al-Bai` (AITAB) (lease followed by sale) which refers to two contracts, Ijarah (lease) and Bai` (sale) contracts that are undertaken separately and consequentially. Under the first contract, the Customer (as Hirer) leases the vehicle from the Bank (as Owner) at an agreed rental over a specified period. At the end of the lease period, the Hirer will purchase from the Owner the vehicle at an agreed price which is equivalent to the last instalment.
Shariah contract of Wakalah (agency) which means a contract in which a party authorises another party as his agent to perform a particular task, in matters that may be delegated, with or without imposition of a fee is also applied. Under this contract, the Bank (as Owner) will appoint the Hirer as the Bank's service agent for maintenance of the vehicle during the hire tenure.
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