Non-compounding interest for Affin Bank loans during 6-month moratorium

KUALA LUMPUR (March 27): Affin Bank Bhd and Affin Islamic Bank Bhd will be offering their retail customers and SME clients non-compounding interest or profit for six months, for term loan and term financing, during the moratorium for financing facilities due to the COVID-19 outbreak in the country.

In line with Bank Negara Malaysia’s guidelines, retail and SME customers of both banking entities will be enrolled into the moratorium automatically, said the banks in a statement today.

For all Islamic Financing facilities under AFFIN ISLAMIC, profit rates are already not compounded in line with Shariah principles.

“As the current situation is both challenging and filled with uncertainties, we hope the gesture announced today can make this difficult time easier for the customers and communities we serve. We are also committed to consistently identify more ways we can best help our customers”, said Affin Bank Group Chief Executive Officer Kamarul Ariffin Mohd Jamil.

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