Islamic current accounts for individuals and businesses
Whether you are managing your own daily expenses or an SME streamlining business operations, alrajhi bank Malaysia's Basic Current Account-i and Current Account-i offer the reliability, security, and flexibility required to keep your funds moving efficiently.
Which current account is right for you?
Both accounts share the same Shariah foundation but differ in terms of eligibility, minimum deposit, and fee structure. Compare below to find the right fit.
| Category | Basic Current Account-i | Current Account-i |
|---|---|---|
| Built for | Malaysian individuals, permanent residents, micro SMEs and SMEs looking for straightforward, everyday banking access. | Local and foreign individuals and businesses, from micro SMEs and SMEs to large corporations and non-profit organizations—seeking a full-featured account with broader eligibility. |
Personal account holders can also open joint accounts with immediate family members, as well as in-trust accounts for children under 18 years of age. | ||
| Shariah contract | Qard | |
| Eligibility |
|
|
| Minimum initial deposit | RM100 |
|
| Debit card (Available for personal account holders only) | alrajhi bank Malaysia Visa Debit Card-i | |
| Debit card annual fee | Zero fees - Unlimited alrajhi bank Malaysia ATM withdrawals. | RM10 - Unlimited alrajhi bank Malaysia ATM withdrawals. |
| Over-the-counter (OTC) cash transactions at any alrajhi bank Malaysia branch* |
| |
| Multi-currency option | Manage your local and cross-border transactions effortlessly with availability in 13 major currencies—MYR, USD, AUD, GBP, EUR, SGD, HKD, IDR, SAR, AED, PHP, BDT, and CNY. Note: Customers must select a single currency per current account upon setup. | |
| Cheque book facility | Available upon request, subject to approval. | |
| Digital access |
| |
*Excludes alrajhi bank Malaysia Smart Financial Centers.
Documents required to open your current account.
For personal accounts
For Malaysian citizens and Permanent Residents
- MyKad or MyPR
- MyKid or Birth Certificate (for In-Trust accounts)
- Utility bill, bank statement, or driving license (if registered address differs from MyKad)
For foreigners currently living in Malaysia
- Passport and work or spousal visa (minimum validity of 6 months)
- Confirmation of employment
- Utility bill, bank statement, or driving license (for mailing address confirmation)
For companies
- Essential incorporation documents: Certified copies of the Certificate of Incorporation (Form 49), Return of Allotment of Shares (Form 24), and Memorandum and Articles of Association.
- Authorization & identification: Certified copies of the Board Resolution for account conduct, Certificate of Registration, and the identity documents of all directors and authorized signatories (MyKad for Malaysians/PR, passport for foreign directors).
How to apply for the Basic Current Account-i or Current Account-i
Visit any alrajhi bank Malaysia branch or Smart Financial Center (SFC) with the required documents to open an account in person. Individual account holders will receive their debit card on the same day.
Frequently asked questions (FAQ)
Basic Current Account-i & Current Account-i
- Basic Current Account-i: Open to Malaysian individuals, permanent residents, local micro-enterprises, and SMEs, with an accessible initial deposit of RM100.
- Current Account-i: Open to a wider range of customers, including both local and foreign individuals, partnerships, non-profits, and corporate entities of all sizes. The initial deposit is RM500 for Malaysian individuals/companies, or USD1,000 for foreign individuals/companies.
The right choice depends entirely on your business structure and starting capital requirements:
- Basic Current Account-i: Ideal for individual business owners and micro-enterprises looking to manage overheads with a low starting deposit of just RM100.
- Current Account-i: Tailored for expanding SMEs, partnerships, larger corporate structures, as well as foreign-owned businesses. While it requires a higher initial deposit (RM500 for local entities/USD1,000 for foreign entities), it accommodates corporate entity types that fall outside the basic account criteria.
Note that debit cards are available for personal accounts only and are not issued for company or SME accounts under either product.
Both accounts are available in 13 currencies—MYR, USD, AUD, GBP, EUR, SGD, HKD, IDR, SAR, AED, PHP, BDT, and CNY, giving individuals and businesses the flexibility to manage local and cross-border transactions. Do note that customers must select a single currency per current account upon setup. Customers can hold multiple foreign currency accounts at the same time.
Visit any alrajhi bank Malaysia branch or Smart Financial Center (SFC) with the required documents to open an account in person. Individual account holders will receive their debit cards on the same day. Use our Branch Locator to find your nearest branch or SFC.
Have a question about alrajhi bank Malaysia's current accounts?
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Have a question about alrajhi bank Malaysia's current accounts?
Submit your details below, and we will get in touch.
