| 1. |
Is Islamic Banking
only for Muslims? |
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No. Islamic Banking is for anyone who may wish to use interest-free banking. We welcome all customers regardless of their religious background. |
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| 2. |
If my Islamic Account
is interest-free, how does it work? |
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Your money is kept in accordance with the Syariah guidelines. This means that we don't use the money you keep with us for activities that is contrary to the Syariah guidelines. |
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| 3. |
Who has decided that
the Islamic Account is Syariah compliant? |
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We work with a committee of distinguished scholars who have a lot of experience in Islamic finance and the Syariah law. They guide us in our creation of Islamic Banking products which are right for you. For details of our Syariah committee please call 1800-MAYBANK (1800-629 2265) |
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| 4. |
How is PremierOne Account-i different from Maybank's conventional current accounts? |
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According to Syariah guidelines, deposited funds cannot receive or be charged interest. As such, PremierOne Account-i allows customers to have a bank account without receiving interest while, at the same time, ensuring that no interest-based fees are charged. Rest assured that your money is kept in accordance with the Syariah guidelines, |
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| 5. |
If an unauthorised
/ unintentional overdraft is created, would I be charged
interest or fees? Is this acceptable under the Syariah? |
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Under Syariah guidelines, the charging of overdraft interest, as compensation for money lent out, is not permitted. As such, no debit interest will be charged on your Bank Account. As with all bank accounts, you should manage your Islamic Account in a responsible manner. If there is insufficient funds in your account, you will be charged a compensation fee each time your account goes overdrawn or further overdrawn.
Our Syariah Committee confirms that it's permissible to charge this fee, as this only covers the processing cost incurred by the bank and is free of any interest charges. |
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| 6. |
Will my money earn
a profit/return? |
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Under the Islamic principle
of Al-Wadiah Yad Dhamanah, you as the depositors place
your deposits with the bank on a trust basis. Maybank
as the trustee guarantees the repayment of the whole
amount of deposits, or any part thereof upon your request.
You are not entitled to any share of the profits but
as a means of appreciating customers, who maintain the
account, Maybank may at its absolute discretion pay
dividends to you. |
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| 7. |
What are the benefits
of opening an account with Maybank? |
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At Maybank, |
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- We provide you with 24-hour access to your money
via our self-service machines, Internet Banking,
and Phone Banking.
- Receive your first Maybank chequebook and ATM
card (including your PIN) on the spot upon account
opening.
- We ensure compliance with the Syariah guidelines
while offering the regular convenience and security
of a conventional deposit account.
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| 8. |
I am already a Maybank
customer. Can I change my existing account to the Islamic
Account? |
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Yes. You just need to visit any Branch, and we will effect the necessary changes. |
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| Click here for the terms & conditions of Islamic Structured Deposits. |