Fixed Term Account-i
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 a 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 in forfeiture of the depositor’s profit amount.
Target Customers
- Corporate customers
- Government departments, companies, associations and co-operatives
Features
- Certificate-based
- Tenure:
- Minimum: 1 day
- Maximum: 1 year
- Minimum Placement Amount of RM100,000.
How To Apply
- Application to be made via Money Market Section,Treasury Division
- Complete the relevant application form;
- To tender relevant documents as stated in the Bank’s policy.
- Please contact our customer care line at 03-2600 5500 or visit our nearest branches.
- If interested, please Click button below.
Apply Now
* Eligible for protection by PIDM
