What is the Shariah concept applicable?
Auto Service Financing is based on the Shariah concept of Commodity Murabahah via Tawarruq, which consist of two separate sale and purchase contracts:
- Sale of a Shariah-compliant commodity by Direct Lending to you (as buyer) on a deferred basis (i.e. instalment), where the sale price of the commodity is the acquisition cost plus agreed profit margin (Murabahah); and
- Sale of the same commodity by you (as seller) to a third party on a cash and spot basis (for the purpose of obtaining the funds to service your car with MyAssist).
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What is the purpose of Waqf?
The purpose of waqf, as stated by Imam Ahmad bin Hanbal in the definition of endowment according to Shariah, is to draw closer to Allah SWT. The act of waqf is also included in the concept of ongoing charity (sadaqah jariyah), which promises ...
Is endowed money only given or utilized by Muslims?
It is permissible for the benefits of waqf to be given or utilized by non-Muslims as long as it does not violate Shariah law.
Are there warranties to the battery you provide?
Yes, all batteries we provide will have a I* year warranty all over Malaysia. ( * 1 year nationwide warranty applicable for private vehicle and 6 months warranty for commercial and diesel vehicle. This warranty only applicable if battery is purchased ...
Can the profit from bank interest be used for Waqf?
The money obtained from the interest rate of conventional banks is classified as Non-Shariah-Compliant Funds, and it must be endowed according to the decision of the Special Federal Territories Sharia Legal Consultative Committee Meeting No. 2/2023
What charges are included in the process of renewing CDL via MYEG?
When you renew your Competent Driving Licence (CDL) through MyEG, the following charges may apply: 1. CDL Renewal Fee 2. CDL Adjustment Amount (if applicable) 3. e-Service Charge 4. e-Service Charge: Sales and Service Tax @ 8%