Savings Account-i is an Islamic savings account offered by Bank Muamalat that complies with Shariah principles. It provides a secure place to save money while adhering to Islamic finance guidelines.

Opening Bank Muamalat’s Savings Account-i is usually straightforward. Your application will be processed within 3 working days after submission. Activation time depends on the completeness of your documents and the verification process.

Islamic savings accounts in Malaysia, including Savings Account-i, operate under these concepts:

• Tawarruq: This refers to a structure where the bank buys and sells commodities to provide liquidity. 

• Wakalah: The bank acts as an agent (Wakil) appointed by the customer to handle transactions related to the savings account, including buying commodities on behalf of the customer.
• Wa’d: The bank gives a commitment to purchase commodities from the customer at an agreed-upon price.
• Ibra’: This is a concession granted by the customer to the bank, which may apply in cases like early withdrawal, account termination, or differences between the ceiling and effective profit rates.
• Hamish Jiddiyah: A security deposit that the bank places to secure the undertaking of asset purchases before the trade is finalized.

Bank Muamalat’s Savings Account-i may have minimal fees or charges depending on the specific transaction. For a detailed breakdown of applicable fees, please refer to our fees & charges page or contact our customer service team.

Bank Muamalat’s Savings Account-i is typically offered in the local currency (Malaysian Ringgit). If you need to deposit foreign currency, please contact our bank representatives to learn about the available options and services for foreign currency deposits.

The profit on Shariah-compliant savings accounts like Bank Muamalat’s Savings Account-i is credited to your account on a monthly basis, according to the terms of the account’s Shariah concept.