Property insurance safety measures

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Step insuring property has been encouraged by the industry players based on some rationale is needed.

Apparently, the bank also has a similar stance to encourage customers to apply for financing products to also take protection products whether takaful and conventional insurance as it is very important to protect the borrower, heirs and seen not onerous.


President of the Association of Islamic Banking Institutions Malaysia (AIBIM) Datuk Mohd Redza Shah said, most banks in the country to offer mortgage financing is encouraging borrowers to take financial protection products and it is not a mandatory step for approval.

He said these efforts benefit the borrowers of housing and also the bank in the event of any matter that may affect the commitment of installment payments.


"Encourage to take financing protection products is not only focused on housing finance, but if we look at all products that involve loans will be accompanied by protection products as a measure of long-term security to the borrower in the options.


"I do not see taking protection products for financing as a liability to the borrower because most banks can include the cost of financial protection products in the amount of funding that is made with their consent,"