* Eligible for protection by PIDM
Fixed Term Account-i (FTA-i) is a Shariah compliant term deposit product under the Shariah concepts of Tawarruq, Murabahah and Wakalah whereby specific commodities of Shariah compliant are used as underlying assets for sale and purchase transactions. In general, the transaction involves the buying of a commodity by a purchaser from the original seller and the commodity is then sold for cash to a third party to gain cash. In addition, the customer’s deposit is invested in the buying and selling of commodity (e.g. Crude Palm Oil) done by the Bank (who acts as purchasing agent on behalf of customer or any relevant acts pursuant to the commodity transaction). Premature withdrawal is allowed under this product but will result to forfeiture of the depositor’s profit amount.
The FTA-i product is sub-categorized as:
– Short Term Account (STA)
– Fixed Term Account (FTA)
– Minimum-1 day
– Maximum-1 year
*Terms and conditions apply.