Islamic banks give clarity on moratorium

The Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said the banks would advise their customers on the specific details such as changes in terms, which may include revised instalments, amounts to be paid once the six months’ moratorium is over and the revised tenure.

KUALA LUMPUR: Islamic banking institutions will be reaching out to their customers to provide greater clarity on the moratorium on Islamic hire purchase and Islamic fixed rate financing products.

In a statement, the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) said the banks would advise their customers on the specific details such as changes in terms, which may include revised instalments, amounts to be paid once the six months’ moratorium is over and the revised tenure.