Al Rajhi Bank Malaysia Home Financing-i SJKP
Islamic Home Financing in Selangor
Commodity Murabahah home financing under the government's Skim Jaminan Kredit Perumahan (SJKP) guarantee for first-time buyers: up to 100% of property value plus 10% for costs (MRTT, fire Takaful, legal and valuation fees), tenure to 35 years or age 70, zero downpayment.
For a first-time buyer with income but no savings, this is the standout structure in the cluster: SJKP's guarantee delivers 100%+10% financing inside a named Tawarruq contract, with gig workers explicitly in scope. The unpublished rate and the negative-equity start are the watch-points. Crawled 6 Aug 2026.
Pros
- True zero-cash-to-key path for first-time buyers
- Covers subsale and auction properties, not just new builds
- Non-fixed-income eligibility is rare in mortgage lending
Cons
- First-time buyers only; rate not published on-page
- 110% financing means starting with negative equity - price discipline matters
Get a Quote
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Product Details
Structure
Commodity Murabahah (Tawarruq) with SJKP guarantee
Terms
Various
Features
Commodity Murabahah via Tawarruq, named on-page, Up to 110% total financing (100% property + 10% costs), Government SJKP guarantee replaces the deposit, Open to non-fixed-income earners; joint family applications allowed, Full Takaful coverage; tenure to 35 years or age 70
Al Rajhi Bank Malaysia in Selangor
Al Rajhi Bank Malaysia's Commodity Murabahah (Tawarruq) with SJKP guarantee structure offers Selangor buyers a halal path to homeownership: instead of an interest-bearing loan, the contract is built on trade, leasing, or shared ownership of a real asset. Valuation, land office, and legal steps for a Selangor property run through the state's own machinery; Al Rajhi Bank Malaysia's panel lawyers handle the process, and floating rates reprice against the Standardised Base Rate under BNM's framework. Al Rajhi Bank Malaysia operates across Malaysia, so Selangor residents have full access to this product.
Our Take on Al Rajhi Bank Malaysia
The best PIDM-protected yield stack in this cluster for digital users, wrapped in genuinely exemplary Tawarruq disclosure. Branch presence is thin and the top savings tiers demand very large balances.
How Al Rajhi Bank Malaysia Works
Open DuitPlus in the app
MyKad/MyTentera eKYC, RM20 activation transfer, 12-hour cooling-off, then full access with Savings Pots.
Place TDs in-app for the bonus
The +0.20% applies automatically across 1-24 month tenures; check current promo layers on top.
Pick the right account contract
Qard accounts for pure safekeeping; DuitPlus/Commodity Murabahah for profit.
First-timers: assess SJKP
If you have income but no deposit, the SJKP route finances 100%+10% - mind the negative-equity start.
Financing Structure
Profit-bearing deposits run on Commodity Murabahah via Tawarruq with a named agent and platform; basic accounts run on Qard and pay nothing by design. Home financing uses Commodity Murabahah, including the SJKP-guaranteed variant. The 0.01% commodity agency fee is disclosed on rates.
In-Depth Analysis
Al Rajhi Banking & Investment Corporation (Malaysia) Berhad brought the Saudi giant to Malaysia in 2006 as a locally incorporated, BNM-licensed Islamic bank. Its 2026-era strategy is app-led: the MY alrajhi app opens the DuitPlus Savings Account-i in minutes (RM20 activation, 12-hour security cooling-off), runs Savings Pots for goals, and pays an automatic +0.20% p.a. on term deposits placed in-app with no promotional conditions - stacking to 2.50% at 12 months on board rates, with campaign promos reaching 3.80% at our crawl. Crawled 6 Aug 2026.
What earns Al Rajhi top compliance marks is disclosure depth. The TD-i page names the entire Tawarruq chain: you appoint Al Rajhi Nominee Tempatan (ARNT), a wholly-owned subsidiary, as Wakalah agent; ARNT buys Shariah-compliant commodities such as crude palm oil on an approved platform; the bank buys them from you at principal plus profit, deferred to maturity. Profit rates are stated exclusive of the 0.01% agency fee (including SST) - a cost most Tawarruq providers never surface. Equally honest is the contract segmentation: the branch-opened Basic Savings and Savings Account-i are Qard contracts that deliberately pay no profit, with the page explaining why and pointing profit-seekers to DuitPlus or the Commodity Murabahah savings variant.
The financing side headlines with Home Financing-i SJKP: Commodity Murabahah under the government's Skim Jaminan Kredit Perumahan, giving first-time buyers up to 100% of property value plus 10% for costs with zero downpayment, open to fixed and non-fixed income earners including joint family applications. Governance: BNM's 2021 list recorded a five-member Shariah Board chaired by Assoc. Prof. Dr. Saleh Abdullah Alheidan, mixing Saudi and Malaysian scholars.
Shariah Compliance Details
- Locally incorporated BNM-licensed Islamic bank under IFSA 2013 (since 2006); PIDM member
- Shariah Board per BNM list (1 June 2021): Assoc. Prof. Dr. Saleh Abdullah Alheidan (Chairman), Prof. Madya Dr. Azman Mohd Noor, Lokmanulhakim Hussain, Dr. Mohammed Hael Ghilan Al-Madhagi, Wan Rumaizi Wan Husin
- Full Tawarruq chain and agency fee disclosed; Qard/Murabahah contract segmentation across the shelf
How Al Rajhi Bank Malaysia Compares
Against the digital banks, Al Rajhi matches AEON's promo yield at larger scale and beats KAF above small balances, with a fuller product set behind it. Against Saadiq, its promos are ungated. The thin branch network is the main concession to domestic incumbents.
Similar app-first promos (3.08% TD) with a simpler shelf.
Higher micro-balance hibah (5.00% first RM2,000) but discretionary.
Comparable promo rates gated by wealth relationships.
Bottom Line
For app-comfortable savers, Al Rajhi Malaysia currently offers the best PIDM-protected deposit economics in this cluster - and the most honest explanation of where the profit comes from.
Read full Al Rajhi Bank Malaysia reviewShariah Compliance & Oversight
Overseen by the Shariah Board of Al Rajhi Banking & Investment Corporation (Malaysia) Berhad; per BNM's consolidated committee list (1 June 2021) it was chaired by Assoc. Prof. Dr. Saleh Abdullah Alheidan with Prof. Madya Dr. Azman Mohd Noor, Lokmanulhakim Hussain, Dr. Mohammed Hael Ghilan Al-Madhagi and Wan Rumaizi Wan Husin; see the bank's site for current membership. Al Rajhi Malaysia is the locally incorporated subsidiary of Saudi Arabia's Al Rajhi Bank, BNM-licensed under IFSA 2013 since 2006 and a PIDM member.
2026-08-06
Why It's Halal
Operates under the Commodity Murabahah contract via a Tawarruq arrangement, stated on-page. The SJKP government guarantee substitutes for a deposit, letting first-time buyers - including non-fixed-income earners - finance 100% + 10% without compromising the Islamic structure. Full Takaful coverage bundled. Offered by the locally incorporated BNM-licensed subsidiary of Al Rajhi Bank. Crawled 6 Aug 2026.
Regional Availability
Al Rajhi Bank Malaysia serves all of Malaysia
✓ Available nationwide including Selangor
Get a Quote: Al Rajhi Bank Malaysia
Visit Al Rajhi Bank Malaysia's website to get current terms, check eligibility for Selangor, and get started today.
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NationwideHalal Home Finance Estimate - Selangor
Estimate your monthly payment with a halal financing structure
Monthly
RM 2,023
Total Cost
RM 728,142
Total Profit
RM 408,142
Estimate only. Actual terms vary by provider.
Full CalculatorFrequently Asked Questions
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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.