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 request you to convert your existing Mudharabah Savings/Current Account-ito Qard Savings/Current Account-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 note that all your Mudharabah Savings/Current Account will be converted to the new Qard Savings/Current Account-i without derogation of any existing rights of Al Rajhi Banking & Investment Corporation (Malaysia) Bhd.
We will deem that you have consented for the conversion of your account(s) if you do not revert to us within 21 days of this notice and that the conversion will be done in accordance with your existing mandate with us.
For more information about Qard Savings/Current Account-i, please visit our website at www.alrajhibank.com.my or nearest Al Rajhi Bank branches to obtain Terms and Conditions and other required forms for the Qard Savings/Current Account-i product. It is important that you notify the bank to update your latest contact details.
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.