Islamic Hire Purchase/Islamic Leasing
What is it?
Purchase of eligible portfolio of Islamic hire purchase/Islamic leasing (“IHP/IL”) granted for the purchase of commercial vehicles, equipment, machinery, or appliances.
- related to hire purchase/leasing of vehicle, machinery, equipment based on approved Shariah principles.
- fully disbursed and amortised;
- not more than 1 month in arrears at the time of purchase;
- have a remaining life which expires on or after the Review Date;
- have a book balance less unearned profit, if any, not exceeding RM2 million per financing; and
- comply with other criteria as per Cagamas' requirements