One of the benefits of working as a civil servant is that you are entitled to a variety of Islamic personal loan that are Syariah-compliant, which serves as a great alternative as compared to those who are self-employed or working in the private sector. Despite having a pretty stable income with guaranteed wage increments, perhaps you may still be posed with the need for extra financial funding.
For instance, you may need extra funds for healthcare, emergencies, home renovations, etc. The nature of public sector jobs, i.e. the steady income and permanent position offered, makes it more attractive for financial institutions like conventional banks and credit community lenders to approve the loan applications for those working in this sector.
Besides conventional banks and credit community lenders, koperasi (cooperatives) loans are another way for civil servants to access safe and convenient financing. Many opt for this as koperasi loans offer lower interest rates than credit community and conventional banks.
In this article, we will explore deeper into Islamic personal financing and list out several Syariah-compliant personal loans for civil servants.
Some of the characteristics of Syariah-compliant personal financing are:
In summary, all of these Syariah-compliant financing is open to civil servants employed on a permanent basis with an income RM1,500 and above.
This infographic is prepared by Direct Lending. A digital platform that helps you to find, compare and apply for the cheapest and most suitable personal loan for you. Our smart eligibility checking system is able to suggest the best bank and koperasi personal loan for you.
An ex-banker, digital marketer, and masters graduate from University of Coventry. Mandy enjoys filling in the gaps of financial literacy by transforming ‘dry’ financial topics into ‘digestible’ articles. She did a lot of ballet growing up and is always on the hunt for the best deals online.