MBSB Bank

MBSB Bank is a Malaysian financial institution that provides a range of banking products and services. With a history dating back to 1950, MBSB Bank has evolved into a full-fledged Islamic bank, offering Shariah-compliant solutions to its customers. The bank aims to cater to the financial needs of individuals, businesses, and corporations, focusing on areas such as personal financing, property financing, deposit products, and trade finance. MBSB Bank prioritizes customer satisfaction, innovation, and ethical practices in its operations, striving to be a reliable and trusted partner in the financial industry.

Head Office Address

Menara MBSB Bank
PJ Sentral, Lot 12
Persiaran Barat, Seksyen 52
46200 Petaling Jaya
Selangor

Tel: 03-2096 3000

Fax: 03-2096 3292

Email: enquiry@mbsbbank.com / complaint@mbsbbank.com

SWIFT Code: AFBQMYKL

Website: www.mbsbbank.com

MBSB Bank Car Financing (Hire Purchase-i)

MBSB hire purchase-i is an Islamic financing product offered by Malaysia Building Society Berhad. It is based on the Shariah concept of Al Ijarah Thumma Al Bai (AiTAB), which combines the principles of leasing (Ijarah) and sale (Bai'). This unique concept allows customers to acquire assets through a leasing arrangement with an option to purchase the asset at the end of the lease period.

Under MBSB hire purchase-i, customers can finance the purchase of assets such as cars, motorcycles, or other movable goods. The financing follows the principles of Islamic finance, ensuring compliance with Shariah guidelines. Initially, MBSB purchases the chosen asset and becomes its owner. The customer then enters into an Ijarah agreement with MBSB, which allows them to use the asset for a specified period by making regular lease payments.

Throughout the lease period, the customer pays monthly installments to MBSB. These installments consist of both the lease rental component and the purchase price component. At the end of the lease period, the customer has the option to exercise the purchase option and buy the asset from MBSB. The purchase price is predetermined and agreed upon at the beginning of the financing agreement.

To protect the asset, MBSB hire purchase-i may require customers to obtain Takaful coverage, which is an Islamic insurance that provides protection against unforeseen events like accidents or damage to the asset. This coverage ensures both the customer's and the bank's interests are safeguarded.

MBSB hire purchase-i offers flexibility in terms of financing, including various repayment periods, allowing customers to choose a plan that suits their needs and affordability. Additionally, the financing structure and terms are designed to comply with the principles of Shariah, ensuring the absence of elements such as interest (riba), uncertainty (gharar), and gambling (maysir). The financing structure is reviewed and approved by MBSB's Shariah committee.

Transparency is another key aspect of MBSB hire purchase-i. The bank provides clear disclosure of the terms, costs, and conditions of the financing agreement to the customer. This transparency enables customers to make informed decisions and understand the total cost of the asset and the applicable profit rates.

Once the customer exercises the purchase option and pays the agreed-upon purchase price, ownership of the asset is transferred from MBSB to the customer, making them the rightful owner of the asset.

For more details, please contact the Customer Service Centre at 03-2096 3000 or visit the nearest MBSB Bank branches.

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