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Important Notices Archive

01 Jun 2015 New Islamic Term Deposit
  • Important Notices
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Dear Valued Customers,
 

With effect from 1 July 2015, all Islamic Financial Institutions to transition all of its existing deposit accounts either into Islamic Deposits or Investment accounts in line with the requirements of Islamic Financial Services Act 2013.

Pursuant to this transition exercise, we are pleased to announce the launch of our new principal guaranteed term deposit product under the Shariah contract of Murabahah (Cost plus Profit), namely ‘Term Deposit-i’ based on Islamic transactions of buying and selling Shariah-compliant assets.

We request that you convert upon maturity of your existing Mudharabah Fixed Investment Account-i or Wakalah Investment Account-i, to the new Term Deposit-i. The conversion will be performed via Bay Al Dayn bi Al Sila method, i.e. converting trade receivables with ready cash through exchanging of debt.

Please visit our website at www.alrajhibank.com.my or nearest Al Rajhi Bank branches to obtain T&Cs and other required forms for the new Term Deposit-iproduct. It is important that you notify the bank to update your latest contact details.

Please choose any one of the following options to exercise your consent and notify us within 21 days from the date of this notice:
 

Customer’s Response Yes, I agree to convert to the new Term Deposit-i
By post/ by hand Submit or mail the Response Form enclosed below to the nearest Al Rajhi Bank branch. Please visit www.alrajhibank.com.my for the contact info for all branches


If you decide to not convert your existing account or we do not hear from you or you do not have any existing Islamic Deposit account with us, your account(s) will be closed upon maturity and the cash balance will be credited into your Islamic Deposit account, namely Qard Current Account-i or Qard Savings Account-i.

We will deem that you have consented for the conversion of your account(s) upon maturity into Qard Current Account-i or Qard Savings Account-i if you do not revert to us within 21 days of this notice. The operation of your Qard account(s) shall be as per your existing account mandate.

If you have any enquiries, please call our Customer Care at 1300 82 6000. 

Thank you for banking with us and we look forward to your continuing support. 
Thank You.

 



Al Rajhi Bank (Malaysia)