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Frequently Asked Questions About As-Sidq Financial Market

What is As-Sidq Financial Market?

As-Sidq Financial Market is a one-stop platform to find, match and apply for Shariah-compliant financial products issued by financial institutions such as banks, cooperatives, and licensed money lending companies (PPW) recognized by Bank Negara Malaysia ( BNM), Angkatan Koperasi Kebangsaan Malaysia Berhad (ANGKASA) or the Ministry of Housing & Local Government (KPKT).

As-Sidq does NOT issue any financial products or charge additional fees to apply for the financial products displayed on this site.

Who manages the As-Sidq site?

As-Sidq is managed by Sedania As Salam Capital Sdn Bhd (wholly owned subsidiary of Sedania Innovator Berhad), an Islamic financial technology (Fintech) provider. At its core, Sedania As Salam Capital operates the only sharia-compliant digital commodity trading platform in Malaysia, As-Sidq Tawarruq, which is patented and used by 71 financial institutions with over 570,000 transactions and worth over RM51billion. To bridge the financial industry and consumers, the As-Sidq Financial Market platform was started as an integrated and seamless digital solution.

Why choose to apply for Islamic financial products?

Unlike other aggregators, As-Sidq does not give the applicant a "Search and Compare" option but instead As-Sidq offers financial options based on the criteria and qualifications filled by the applicant. Through this initiative, the probability of your application being accepted is higher

Emphasizing HALAL and HARAM when choosing financial products, As-Sidq only displays Islamic financial offers on this platform. Applicants do not need to worry about matters involving the elements of riba, gharar and mashir.

What Islamic finance offers are available on the platform?


For now, the platform only offers Islamic Personal Financing and Islamic Credit Card products.


Frequently Asked Questions About Product Applications

How can you apply this product?

Click the "Start Product Matching Here" button and enter the required personal details. Financial product offers from our financial institution partners will be displayed based on your eligibility. Click "Apply" on the product you want to apply for.

How long does it take to process an application?

Once a complete initial application has been made on the site, we will perform a check to prevent fraud and verify your identity. This check requires us to process the personal data you have provided and will take approximately 24 working hours.

After that, your application will be referred to a partner institution for processing. In general, partner institutions will require an average period of 7-10 working days (excluding Saturdays, Sundays, and public holidays) before approval or payout is made. During this time, the bank/financial institution will contact you to collect the necessary documents.

How can you check the status of your application?

Activate the VIP profile via the "Login" button to check the status. We will also share a link via email and SMS to your registered phone number once we receive your complete application.

How do you know if your application passed or not?

Often the result of your financing application (passed or not) will be notified by the bank or financial institution via SMS, E-Mail or phone call. If you have not received the result of your application after more than 14 working days, you are advised to contact the bank or financial institution directly.

Can you apply if you have a bad Credit Record (CCRIS/CTOS/PTPTN)?

It is difficult for you to apply for any financing/loan if you have been blacklisted in the CTOS report, or have a record of arrears in the CCRIS report. Because your situation makes your credit record look bad, the average financial institution will not bear the risk of you not making repayments if they approve your loan.

You need to settle the outstanding payment before applying. No loan can be offered to those who have accounts under special observation (SAA). It is advised that you continue to repay the financing on time for a period of 3 - 6 months before reapplying.

But, there are some financial institutions that allow you to apply for a loan even if you have a blacklist or record of arrears. However, you will be charged a higher interest rate or profit rate than an applicant with a good credit record. You need to read carefully the conditions that have been set by the financial institution involved before applying.

Can you apply if you have Salary Deductions (ANGKASA Salary Deduction System, SPGA)?

Generally, the general eligibility requirement for personal financing plans is that the salary deduction does not exceed 60% unless stated otherwise in the eligibility requirements section of the application. However, this is not the main factor that determines whether your loan application is approved or not because there are many other factors that play a role. In other words, even if your salary deduction is more than 60%, your credit record and debt service ratio (Debt Service Ratio) are good - you can try to apply.


Can you apply if you are under the AKPK Credit Management Program?

In general, all financial partners of will not approve applications from those below who are under the supervision of the Credit Counseling and Management Agency (AKPK).

You have just passed a loan from another financial institution, can you apply for this product?

If you have just passed any loan from a financial institution (bank/cooperative/ppw) recorded in CCRIS such as personal financing, vehicle financing, or housing financing - you are advised to wait for a 6-month cooling-off period before you apply for another loan to increase the chances of passing your application. To protect your credit score, you are advised to only apply for a maximum of 3 credit accounts (any loan/credit card) within a 12-month period.

How much loan can you apply for?

Although the amount of financing offered by banks or financial institutions is high, the amount you can borrow depends on your monthly income. For unsecured personal loans, generally, banks only approve a loan amount of 8 to 12 times your monthly income. For example, if your monthly salary is RM2,000, then the maximum amount you can apply for and be approved may only be within the range of RM16,000 to RM24,000.

However, this depends on many other factors such as scoring score, credit score, monthly commitment of the applicant, and so on. Each financial institution has its own calculation to decide how much it can approve for your application. They need to take into account the risk they have to bear if the applicant does not make the repayment as agreed. This risk is calculated through a scoring system developed by the financial institution. The higher the risk, the lower the amount they are willing to approve.

If your application is rejected, how long do you have to wait before reapplying?

In general, we suggest you wait a period of three months before applying with the same bank again. However, consider applying with another bank that matches your financial position. Check with your existing bank and clear any outstanding debts that may hinder your chances.


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Frequently Asked Questions About As-Sidq Membership

What is As-Sidq Friends?

Every customer who subscribes to our newsletter will receive our welcome email. As-Sidq membership can be obtained in two ways, namely by applying for financial products on the As-Sidq platform or by invitation. As an As-Sidq friend, you will receive current financial newsletters, special offers, and great rewards from our lifestyle partners.

What is As-Sidq VIP?

As an As-Sidq VIP member, you have the opportunity to receive various privileges such as great financial offers, birthday rewards and the best offers from our partners that only VIP members can enjoy.

How can you become a VIP Member?

Customers need to apply and complete the financial product application through the As-Sidq platform. You will receive a confirmation email and instructions for creating a password and logging into the membership profile. It's easy.

Do you have to pay a Membership Fee to become a member?

No, membership is FREE. To find out how to become an As-Sidq Member, please refer to the steps above.

What advantages will you receive as an As-Sidq Member?

As part of the As-Sidq Family, members have the opportunity to enjoy special offers such as financial specials and great rewards from our lifestyle partners. Our deals are not only limited to food and drinks but also include great deals on Entertainment, Travel Packages, Airline Ticket Discounts, Vouchers, and more!

However, As-Sidq VIP members can enjoy more privileges than As-Sidq Friends.

What are the criteria to become an As-Sidq VIP Member?

If you are 21 years old or above, a Malaysian citizen or permanent resident, and have a regular income. You are welcome to become a member of As-Sidq. However, members must first apply for financial products through As-Sidq.

How to redeem the rewards offered?

You will receive an email/SMS stating that you are eligible to receive the rewards offered. The steps to redeem will be explained in the email/SMS. The way to redeem each reward is different.

Do you need to register with an As-Sidq partner to enjoy the offer?

No, you do not need to register with our partners. To enjoy the offer, you only need to become an As-Sidq Friend or become an As-Sidq VIP Member only.

Does As-Sidq membership have any expiry date?

There is no membership expiration date, but members must apply for at least 1 financial product within a year of becoming a member.

How to terminate my membership?

Members only need to email

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Soalan Lazim Tentang Perbankan dan Kewangan Islam

What is Islamic Banking?

Islamic banking refers to a banking system that complies with Islamic law, also known as Sharia law. The basic principles that govern Islamic banking are the sharing of profit and risk between transacting parties, the guarantee of justice for all, and transactions based on business activities or assets.

These principles are supported by the core values ​​of Islamic banking that encourage activities that foster entrepreneurship, trade and lead to community development or benefit. Activities involving interest (riba), gambling (maisir), and speculative transactions (gharar) are prohibited.

Through the use of various Islamic financial concepts such as ijarah (rent), mudharabah (profit sharing), musyarakah (partnership), banking institutions have flexibility, creativity, and choice in the production of Islamic financial products. Furthermore, by emphasizing the need for transactions backed by actual trade or business activities, Islamic banking businesses set higher standards for investment and promote accountability and risk aversion.

What is the difference between Islamic and conventional banking?

The main difference between Islamic banking and conventional banking is that Islamic banking must be based on Shariah. Islamic banking must also avoid activities such as riba', gharar (excessive uncertainty), gambling, and fraud. For example, in the case of financing, instead of the interest charge charged on the financing provided, Islamic banking institutions instead provide financing based on musharakah contracts or profit and loss sharing.

Is Islamic banking only for Muslims?

Nope. Islamic banking is for all individuals regardless of their religious beliefs

What are the Shariah concepts in Islamic finance?

The financial products, services, and facilities offered by banks, cooperatives, and licensed money lending companies (PPW) are based on the Sharia concept and comply with Islamic requirements that prohibit any usury.

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General FAQs About Personal Finance-i

Concept of Personal Financing

Personal financing is a personal financing plan offered by financial institutions such as Banks recognized by Bank Negara Malaysia (BNM), Cooperatives registered with the Malaysian Cooperative Commission, or Licensed Lenders (PPW) that comply with the Money Lenders Act (1951).

Simply put, personal financing is a short-term loan with a shorter financing period than long-term loans such as housing loans. Usually the financing period for personal loan plans offered by financial institutions in Malaysia is no more than 10 years. This differs from long-term loan financing periods that can reach 20, 30 or 50 years. Personal loans can be used for any purpose you want. For example you can use personal financing to repair your home, go on a trip, daily expenses, pay off debt, etc.


How does Islamic Personal Financing work?


Islamic personal financing is a Shariah-compliant personal financing concept introduced by Islamic financial institutions in Malaysia. Islamic personal loans use the concept of interest-free financing to avoid Riba in the transaction. The Shariah concept used by all of's financial partners is the Shariah principle of Murabahah through Tawarruq for personal financing. By definition, Murabahah is a type of sale where the commodity will be sold for cash or at a deferred price. Tawarruq, on the other hand, refers to the purchase of an asset at a deferred price, then selling it to a third party to obtain cash.



Islamic banks will then charge customers what is known as a 'profit rate' (basically an interest rate) for personal financing facilities. This is because interest rates are not allowed in Islamic banking. Islamic banking uses the term long-term profit rate instead of interest rate because of the way the financing is structured. Therefore, unlike personal loans offered by conventional banks that have an interest rate, Islamic banks will offer personal financing with a profit rate that will be determined in the personal financing contract.

What is the difference between Islamic personal financing and conventional personal loans?


Personal financing differs from personal loans because in personal financing there is aqad. Among the principles used are the principle of buying and selling, renting or sharing. While personal loans involve a borrowing process that uses the principle of qard al-hasan. Therefore, the law of financing is required in Islam as long as there is no usury in the transaction. 

Differences from the perspective of governance and operations

Differences from a product perspective

How can I recognize Islamic loans?

Islamic personal financing or Islamic loans can be easily recognized based on the name of the loan. All loans ending with the letter 'i' are considered Islamic loans even without the word itself. However, there are some cases of Islamic banks that may not have the letter 'i' on loan products, because it is understood that Islamic institutions will provide financing products that comply with Sharia law in any case.


What are the benefits of Islamic personal financing?


Late payment charges are lower than what conventional loans charge. This is because compound interest rates are prohibited by Shariah, which is why late payment charges will be lower. Late payment charges for Islamic banking in Malaysia are based on the concept of Ta'widh, and are subject to a maximum rate of 1% per annum. Another benefit is that the amount for the customer's repayment is fixed for the entire period at the beginning of the financing. This means it will not increase even if the financing terms subsequently increase.

Can a non-Muslim apply for Islamic personal finance?

Yes, both Muslims and non-Muslims can use the benefits and features of Islamic banking products and services. 


What is a Secured Loan?

Secured loans are financing where borrowers offer their assets as collateral for the loan. Examples of assets are cars, houses, or land. If the borrower fails to repay their loan as agreed in the agreement, the financial institution can seize the collateralized assets to cover the outstanding loan payments. In addition to assets, loans that require guarantor guarantees can also be classified in the secured loan category. The collateral used on this loan is a guarantor; where the guarantor has to settle the outstanding loan payment if the borrower fails to make the payment as agreed in the agreement with the financial institution that gave the loan.

What is an Unsecured Loan?


Unlike secured loans, you do not need to present any guarantor or collateral to apply for this loan. Financial institutions such as Banks, Cooperatives, or Licensed Lenders (PPW) only check the applicant's credibility in determining whether to approve the application or not. Credibility here includes the applicant's background, credit record, type of job, etc. In other words, the higher the risk that the financial institution has to bear based on the applicant's credibility, the lower the chance of passing the application. For unsecured personal loans, if the borrower fails to repay the loan as agreed, the financial institution can take legal action against the borrower. In some cases, based on court decisions, financial institutions can take over and sell the borrower's assets to settle outstanding payments.

What are flat rates and floating rates?

A fixed interest rate or flat interest rate is the amount or amount of interest that will not change throughout the term of your loan. A fixed interest rate or flat interest rate makes it easier for borrowers to plan or budget for repayment of their personal financing. Floating interest rates are interest rates that can change throughout the period of personal financing. The value of the floating interest rate will be determined by the financial institution that provides the loan. This rate is often calculated based on the Base Lending Rate (BLR) or Overnight Policy Rate (OPR).

What is meant by Debt Consolidation?

The term debt consolidation or debt consolidation refers to a type of personal financing that can combine existing loans into one new financing. Debt consolidation is often done when an individual has more than one personal loan such as a credit card or personal funding and wants to consolidate both debts into one loan. Personal financing that allows debt consolidation often has a low interest/profit rate with a long financing period.

What is meant by Overlapping Facility? 


The term overlapping loan or overlapping facility refers to the application of new financing on top of existing financing with the same financial institution. Overlap loans are often offered by financial institutions such as banks to their customers, which are individuals who have active financing with the financial institution involved. The overlapping facility is often done when the new financing plan offered by the financial institution has a lower interest/profit rate or a longer financing period compared to the existing loan.

What is the difference between Debt Consolidation and Overlapping Loans?

Overlapping loans can only be done against the same financial institution (you have active financing) while Debt Consolidation Loans can be done against any financial institution that offers that function (debt consolidation). However, there are financial institutions that offer overlapping loans, and at the same time can do debt consolidation through the overlapping loans.

What are the charges and fees for i-Personal Financing?

Charges or fees charged for personal financing are different according to the loan plan offered. Briefly, here are the charges that are always charged in Malaysia:

Stamp duty charges

It can be said that almost all financial institutions that offer personal financing schemes in Malaysia will charge stamp duty if the loan applied for is approved. The stamp duty charge is 0.5% of the approved loan amount and will be deducted from the loan before the loan money is credited to your account. However, there are personal loan plans that do not charge stamp duty if the loan is approved.

Process/processing charges

A processing fee is charged if the loan applied for is approved. The processing fee depends on the type of loan and is calculated as a percentage of the loan amount that passes. The processing fee will be deducted from the approved loan.

Late payment charges

This charge is applied if the borrower fails to make the payment according to the period as agreed on the terms of the loan. The total late payment charge is usually 1% of the outstanding amount or loan balance. There are also financial institutions that charge late payment fees with a fixed amount.

Early termination charges

Early termination charges are often applied to conventional loans. This charge is applied if the borrower intends to settle the loan balance earlier than the financing period that has been agreed in the loan agreement. The amount charged for this charge is calculated based on a percentage of the loan balance, or of the full loan amount. Islamic personal loans do not charge any early termination charges. In fact, there are Islamic financial institutions that give rebates or discounts if applicants settle their loans earlier than the agreed period.

Takaful insurance coverage

Most Islamic personal loans offer Takaful Insurance protection if the loan applied for passes - some are mandatory and some provide this protection as an option.

ANGKASA Services charges

This is a charge that is applied if the financial institution that gives the loan uses the services of the Space Service Bureau for the monthly payment of your loan. Other charges are subject to the financial institution involved. For more information about the charges, you can refer to the personal loan page.

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