Maybank Islamic Al-Ijarah Thumma Al-Bai (AITAB) Vehicle Financing
Islamic Car Financing in Terengganu
Maybank Islamic's hire purchase-i, described on the page as Shariah-compliant car financing based on the principles of Ijarah Thumma Al-Bai' (lease followed by sale). Margin of finance runs to a maximum of 90% of the dealer's or seller's invoice for new passenger cars, 4WD, MPV and SUV (CBU and CKD) and unregistered reconditioned imports, and 85% for second-hand vehicles, all with payment periods up to 108 months (9 years). The page lists road tax and motor takaful renewal support, payment via branches, ATMs, Maybank2u and e-kawanku, and an extensive nationwide dealer network (crawled maybank2u.com.my 2026-08-06).
Maybank's AITAB page does the fiqh well: lease-then-sale is named, defined and backed by a dedicated Islamic fee schedule. Margins and tenures match the market (90%/9 years), but the absence of a printed rate grid is a real gap when Bank Islam publishes 2.10% to 3.15% for new nationals and Public Islamic prints its AITAB margin table. Use Maybank for dealer reach and get the written quote; benchmark it against Bank Islam's printed bands.
Pros
- Named Islamic structure with clear ownership-transfer mechanics
- Covers reconditioned imports at the full 90% margin
- Nationwide dealer network integration
Cons
- No printed term charge rates (Bank Islam prints 2.10% to 3.92% by vehicle category)
- 18+ eligibility but guarantor mechanics not detailed on page
- Page content is dated in places, so confirm current terms at branch
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Product Details
Structure
other
Vehicle Types
New passenger cars, 4WD, MPV, SUV (CBU/CKD), Second-hand vehicles, Unregistered reconditioned imports
Down Payment
10% new and reconditioned (90% financing); 15% second-hand (85% financing)
Terms
Up to 108 months (9 years)
Maybank Islamic in Terengganu
Maybank Islamic offers Islamic vehicle financing relevant to Terengganu residents using a other structure. Unlike a conventional hire purchase, the bank owns, leases, or sells a real asset and earns rental or a disclosed profit rather than interest. The minimum deposit is 10% new and reconditioned (90% financing); 15% second-hand (85% financing). Maybank Islamic operates across Malaysia, so Terengganu residents have full access to this product.
Our Take on Maybank Islamic
Maybank Islamic is the distribution king of Malaysian Islamic banking: every product category, the country's biggest network, and genuinely senior Shariah governance with all five scholars profiled publicly. Its weakness is rate transparency, with deposit returns poorly surfaced online and a crawlable legacy rates page still showing 2015 tables. Choose it for reach, contract clarity and governance pedigree; verify current pricing at the branch or in the PDS because the website will often not tell you.
How Maybank Islamic Works
Open the account or apply
Branch opening for most deposit accounts (RM250 adult minimum on Savings Account-i; RM1 for minor/student variants); financing applications via branch or Maybank2u.
Know your contract
Each product page names its Shariah contract (Qard, Commodity Murabahah, AITAB, Tawarruq); the PDS carries the full mechanics and pricing.
Bank on the network
Service via any Maybank branch, the country's largest ATM fleet, Kawanku Phone Banking and Maybank2u online/mobile.
Financing Structure
Maybank Islamic uses classical contract mapping across its shelf: Qard (interest-free loan to the bank) for transactional deposits, Commodity Murabahah/Tawarruq for term deposits and home and personal financing, AITAB (Ijarah then sale) for vehicle financing and Ujrah-family structures on cards. Each retail page names its contract, and PIDM protection applies to Islamic deposits separately from any conventional accounts a customer holds in the wider group.
In-Depth Analysis
Maybank Islamic is the Islamic banking arm of Malayan Banking Berhad and, by distribution, the largest Islamic banking franchise in Malaysia. Its retail proposition rests on ubiquity: the same Savings Account-i or home financing can be serviced at any Maybank branch, through Malaysia's largest ATM fleet, or on Maybank2u, the country's dominant digital banking platform.
Shariah governance is a genuine strength. The five committee members are published with full profiles: Assoc. Prof. Dr. Aznan Hasan has chaired since May 2014 and simultaneously serves as President of ASAS and Deputy Chairman of the Securities Commission's Shariah Advisory Council; the committee also includes Dr. Oni Sahroni of Indonesia's DSN-MUI and Ustaz Mohd Kamal Mokhtar, a judge of Singapore's Shariah Appeal Court, giving the body cross-border weight (crawled maybank2u.com.my 2026-08-06).
Contract disclosure at product level is consistently good: the Savings Account-i page teaches Qard mechanics, the home financing page names Commodity Murabahah, vehicle financing names AITAB, and personal financing names Tawarruq. What is missing is pricing: deposit profit rates are largely absent from crawlable pages, and the bank's legacy Islamic rates page is dated 2015. The practical consequence is that a customer can verify what the contract is but usually not what it pays without visiting a branch.
Against the cluster, Maybank Islamic wins on network and governance seniority, draws on contract clarity, and loses on printed rates to CIMB (dated board rates), RHB (full rate schedules), Public Islamic (same-week rate sheets) and Bank Islam (printed financing EPRs).
Shariah Compliance Details
- Five-member Shariah Committee with full public profiles, chaired by Assoc. Prof. Dr. Aznan Hasan since 1 May 2014 (maybank2u.com.my Shariah Committee page, crawled 2026-08-06)
- Operates under BNM's Shariah Governance policy and IFSA 2013, with BNM's Shariah Advisory Council as apex authority
- Contracts named at product level across deposits, financing and cards (crawled 2026-08-06)
- PIDM membership stated on deposit product pages; Islamic deposits protected up to RM250,000 separately from conventional deposits (crawled 2026-08-06)
How Maybank Islamic Compares
Against Bank Islam, Maybank Islamic offers a bigger network and Amex cards but cannot match Bank Islam's printed 3.55% home financing EPR or its pure-play balance sheet. Against CIMB Islamic, Maybank's governance profiles are deeper but CIMB publishes current rates and documented card structure migrations where Maybank's rate pages are stale. Against RHB Islamic and Public Islamic, the trade is the same: Maybank for distribution and governance pedigree, the others for printed numbers.
Pure-play Islamic bank with the cluster's best printed financing rates (3.55% home EPR, 2.10% to 3.92% vehicle grid), but a smaller branch network.
Comparable big-group distribution with far better rate publication (June 2026 FD-i board rates) and stronger card rewards (12% PETRONAS rebate).
Smaller shelf but same-week deposit rate sheets and the best unconditional savings rate (ForU2Save 2.10%).
Bottom Line
Malaysia's biggest Islamic banking franchise with governance to match: five publicly profiled scholars and contracts named on every page. Bank here for reach and rigour, but never accept a rate quoted from memory: the website's numbers are often years old, so demand the PDS.
Read full Maybank Islamic reviewShariah Compliance & Oversight
Maybank Islamic's Shariah Committee is published with full scholar profiles on the bank's site: Assoc. Prof. Dr. Aznan Hasan (Chairman since 1 May 2014; President of ASAS, Deputy Chairman of the Securities Commission Shariah Advisory Council, board member of the UAE Higher Shari'ah Authority and AAOIFI committee member), Assoc. Prof. Dr. Mohamed Fairooz Abdul Khir (member since 1 May 2013; Securities Commission SAC member), Ustaz Mohd Kamal Mokhtar (member since 1 September 2015; Judge, Shariah Appeal Court of Singapore), Dr. Oni Sahroni (member since 9 July 2018; DSN-MUI Daily Management Board, Indonesia) and Dr. Syahnaz Sulaiman (member since 9 July 2018; Senior Lecturer, USIM) (maybank2u.com.my/Islamic/en/about-us/corporate-profile/shariah-committee.page, crawled 2026-08-06).
2026-08-06
Why It's Halal
AITAB is named in the product title and defined on the page: the bank leases the vehicle to the customer and ownership transfers by sale at the end, the BNM-recognised Islamic hire purchase structure operating under Malaysia's Hire-Purchase Act framework. A dedicated Islamic hire purchase fees list is linked. Oversight is Maybank Islamic's named five-scholar Shariah Committee. Honest caveat: term charge rates are described as 'attractive and competitive' but no rate grid is printed on the page (crawled maybank2u.com.my 2026-08-06).
Regional Availability
Maybank Islamic serves all of Malaysia
✓ Available nationwide including Terengganu
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NationwideFrequently Asked Questions
What is Maybank Islamic Al-Ijarah Thumma Al-Bai (AITAB) Vehicle Financing?
Why is Maybank Islamic Al-Ijarah Thumma Al-Bai (AITAB) Vehicle Financing considered halal?
Is Maybank Islamic Al-Ijarah Thumma Al-Bai (AITAB) Vehicle Financing available in Terengganu?
What Shariah oversight does Maybank Islamic have?
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Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.