FAQs : About AmIslamic Bank
 
   
 
 
     
About AmIslamic Bank    
  • 1.What is AmIslamic Bank?
    1.1 What is AmIslamic Bank Berhad?
     
    AmIslamic Bank Berhad (“AmIslamic Bank”) is an Islamic banking subsidiary of AMMB Group.
     
    1.2 What is meant by “Islamic banking subsidiary”?
     
    AmIslamic Bank Berhad is a separate legal entity which will manage only the Islamic banking business portfolio and activities.
     
    1.3 When will AmIslamic Bank be launched?
     
    AmIslamic Bank started its operations on 1st May 2006. The official launching ceremony was held on 18 May 2006/ 19 Rabiulakhir 1427 Hijrah.
     
    1.4 What are the objectives of setting up AmIslamic Bank?
     
    The objectives are as follows:
     
    To establish AmBank Group as a major player in Islamic banking in the region and to strengthen its competitive positioning within an increasingly globalised environment.
     
     
    To realise AmBank Group's aim of becoming a full-fledged Universal Islamic Banker with Islamic banking license, able to undertake activities of investment banking, commercial banking and finance.
     
     
    To harness existing strengths in Islamic banking, ranging from investment to retail banking, using the Islamic banking subsidiary as a conduit to capitalise on the large potential market for alternative financing.
     
     
    To support Bank Negara Malaysia's Financial Sector Master Plan and to achieve Malaysia's vision of becoming a regional Islamic financial centre.
     
    1.5 Will there be a separate company logo for AmIslamic Bank Berhad?
      Yes.
     
     
      The new logo retains almost all of the components of the existing AmBank Group identity i.e.
     
     
    The ‘red symbol' ( ) and ‘placement of brand name (AmIslamic Bank) within the horizontal rectangular frame'.
     
     
    The AmBank Red, which forms the foundation of AmBank Group, still maintains its dominance in the logo.
     
     
    However, the familiar Yellow has been replaced with Zesty Green, which universally signifies Islam and its core values.
     
     
    The ‘Green Box' also represents the birth of a ‘new legal entity - AmIslamic Bank' sitting under the umbrella of AmBank Group (represented by the red symbol ( ) and 'Am').
     
    1.6 What is the rationale of the new logo?
     
    The logo is designed based on the rationale that AmIslamic Bank will continue to progress forward with more focus on strength and full commitment, continuing AmBank Group's heritage, tradition and values while positioning itself as a leader in providing Islamic products and services.
     
    1.7 Where is the head office of AmIslamic Bank located?
      AmIslamic Bank's corporate office is located at
     
      AmIslamic Bank Berhad
    Level 45, Menara AmBank
    8, Jalan Yap Kwan Seng
    50450 Kuala Lumpur  

     

    Telephone Number : 03 - 2167 3000
    Facsimile Number : 03 - 2166 5664 / 2167 3827
  • 2.What about AmIslamic Bank branch network?
    2.1 How many AmIslamic Bank branches nationwide?
     
    As to date, AmIslamic Bank have three (3) dedicated branches (Bandar Baru Bangi, Putrajaya & IIUM-Gombak) and 187 shared branches nationwide (AmIslamic Bank and AmBank shared branches)
     
    2.2 Where are these shared branches located?
      Please refer to listing of shared branches and AmIslamic Bank Branches 
     
    2.3 How will customers benefit from the shared branch network?
     
    Customers will be able to perform banking transactions for both AmBank and AmIslamic Bank accounts at any of the branches.
     
    2.4 Is there any specific person/counter to sell AmIslamic Bank products and services at branches?
     
    Yes, it is available at our three (3) dedicated branches - Bandar Baru Bangi, Putrajaya & IIUM-Gombak. However, all staff shall continue selling AmBank and AmIslamic Bank products and services via the same counters at the shared branches.
     
    2.5 How about the signage at the branches?
     
    For the shared branches, the existing main 'AmBank' signage on the facade of all branches shall remain unchanged. However, the 'AmIslamic Bank' sticker shall be displayed on the glass door at the branch. As for the dedicated branches, the main 'AmIslamic Bank' signage on the facade shall be displayed.
  • 3.How does the launch of AmIslamic Bank impact existing Islamic banking customers?
    4.1.0 Account Maintenance
    4.1.1
    What will happen to customers' existing AmBank Islamic banking accounts?
     
    All customers' AmBank Islamic banking accounts will automatically be transferred to AmIslamic Bank and customers may continue to operate their accounts as usual. For example:

     
    Before LD1   From LD1
    AmBank Current Account-i AmIslamic Bank Current Account-i
    AmBank Al-Taslif Card-i AmIslamic Bank Al-Taslif Card-i
    AmBank Hire Purchase-i AmIslamic Bank Hire Purchase-i
     
    4.1.2 Since customers' accounts will be transferred to AmIslamic Bank, will there be any changes to the accounts' features and profit rates?
      No, all accounts' features will remain unchanged. Customers will continue to enjoy existing benefits as subscribed. Please refer below for the profit rates for all AmIslamic Bank accounts:
     
    Deposits
    profit sharing ratio remains unchanged and the rate is based on the prevalling profit rates.
    Financing
    (fixed rate)
    remains unchanged i.e. based on the existing contract.

     
     
    4.1.3
    Will there be any changes of customers' Islamic banking account numbers?
      No, all Islamic banking account numbers will remain unchanged. Should there be any changes in the future, customers will be notified accordingly
     
    4.1.4
    Since customers' Islamic banking accounts are now with AmIslamic Bank, how will that affect customers' takaful (Islamic insurance) arrangements with their takaful operators?
     
    There will be no change in the arrangements with their respective takaful operators.

     

    4.2.0 Payment
    4.2.1
    Subsequent to the launch of AmIslamic Bank, to whom should customers make payments for their AmIslamic Bank accounts, and will their postdated cheques made out and sent to “AmBank (M) Berhad” be accepted?
     
    Customers are advised to make payments to “AmIslamic Bank Berhad for the account of <borrower's name> ” with effect from 1 May 2006. However, payments made to ‘'AmBank (M) Berhad'' after 1 May 2006 will still be accepted.
     
    4.2.2
    Will my previous arrangement on standing instructions for payment to “AmBank (M) Berhad” be accepted?
     
    Yes. However, customers are advised to make payments to “AmIslamic Bank Berhad” with effect from LD1.
     
    4.2.3
    Can customers still issue payments to both AmIslamic Bank and AmBank accounts using a single cheque and which entity should they make the payments to?
     
    Customers are advised to make the payment in separate cheques :

     

    For AmIslamic Bank accounts :
    Pay to “AmIslamic Bank Berhad for the account of <borrower's name>” and

     

    For AmBank accounts :
    Pay to “AmBank (M) Berhad for the account of <borrower's name>


    However, payments in a single cheque for two separate accounts made to either “AmIslamic Bank Berhad for the account of <borrower's name>” or “AmBank (M) Berhad for the account of <borrower's name>” will still be accepted.

     

    4.3.0 e-Banking
    4.3.1
    Can AmIslamic Bank customers perform Mobile/Online/Phone Banking for their accounts?
      Yes. AmIslamic Bank and AmBank customers may continue to access their accounts via the shared Mobile/Online/Phone Banking.

    Before LD1 e-Banking

    AmBank accounts
    (conventional banking +
    Islamic banking accounts)

    Mobile Banking
    Phone Banking
    Online Banking (https://ambank.amonline.com.my)

    After LD1 e-Banking
    AmBank accounts +
    AmIslamic Bank accounts

    Mobile Banking

    Phone Banking

    Online Banking
    (http://www.amislamicbank.com.my or
    http://www.ambankgroup.com)

     
    4.3.2.
    Where can AmIslamic Bank customers access their Online Banking services?
     
    AmIslamic Bank and AmBank customers can access the existing shared Online Banking via

      AmIslamic Bank website - www.amislamicbank.com.my or
      AmBank website - www.ambankgroup.com
     
    4.3.3
    For existing customers using Mobile/Online/Phone Banking, do they have to change their current User ID?
      No, customers may continue to use their existing User ID as usual.
     
    4.3.4
    How can customers make fund transfer or payment from their AmBank account to AmIslamic Bank account via Online Banking?
     
    Customers may continue to make fund transfer or payment from their AmBank account to an AmIslamic Bank account or vice versa, using the ‘Fund Transfer’ or 'Payment' mode respectively via the existing Online Banking system.
     
    4.3.5

    Is there any interbank GIRO charge if a customer makes fund transfer or payment facility from AmBank accounts to AmIslamic Bank accounts?

     
    There is no interbank GIRO charge for transactions within AmBank Group. The normal interbank GIRO will only be applicable if customers make interbank transactions between AmBank/AmIslamic Bank with other participating banks.
     
    4.3.6
    Will there be a separate terminal for AmIslamic Bank Automated Teller Machines (ATMs), Cash Deposit and Cheque Deposit machines?
     
    No, AmIslamic Bank and AmBank customers will continue to use the shared ATMs, Cash Deposit and Cheque Deposit machines.
     
    4.3.7 Will there be any system disruptions or downtime?
     
    There may be intermittent disruptions for ATMs, Cash/Cheque Deposit machines and Mobile/Online/Phone Banking. Should there be any, announcements will be issued prior to the exercise.

     

    4.4.0 Deposits
    4.4.1
    Are customers required to change/replace their Savings/Savers' G.A.N.G. Account-i passbook and Mudharabah (General/Afdhal/ Am50Plus/AmQuantum Investment Account-i) receipts?
      No, they are not required to change/replace their passbook/receipts and may continue to use their existing passbook/receipts.
     
    4.4.2 Is there any need to change existing ATM cards?
      No, AmIslamic Bank and AmBank customers may continue to use their existing ATM cards to access their accounts.
     
    4.4.3 Are Current Account-i holders required to replace unused cheques?
      No, customers may continue to use their existing cheques. Should there be any changes in the future, customers will be notified accordingly.

     

    4.5.0 Card
    4.5.1 Is there any need to change the existing Al-Taslif Card-i?
     
    No, customers may continue to use their existing Al-Taslif Card-i whilst enjoying the same benefits. Should there be any changes in the future, customers will be notified accordingly.
     
    4.5.2 Will there be any changes in the terms and conditions of Al-Taslif Card-i?
     
    The terms and conditions of the Al-Taslif Card-i will remain unchanged. Notification will be served prior to changes, if any.
     
    4.5.3
    If a customer currently has an AmBank Al-Taslif Card-i, can the customer apply for an additional Al-Taslif Card-i under AmIslamic Bank?
     

    The customer's AmBank Al-Taslif VISA/MasterCard-i will be transferred to AmIslamic Bank. The existing terms and conditions of the card will now be governed under AmIslamic Bank.

    However, customers may still use the existing Al-Taslif physical card. If there is a need to change the card, customers will be notified accordingly.

    If the customer currently has an Al-Taslif VISA card-i, he/she may apply for an Al-Taslif MasterCard-i as his/her additional card or vice versa. However, both cards will share a combined limit.

    Before LD1   From LD1 New card application for
    AmBank Al-Taslif VISA card-i AmIslamic Bank Al-Taslif VISA card-i AmIslamic Bank Al-Taslif VISA card-i
    AmBank Al-Taslif MasterCard-i AmIslamic Bank Al-Taslif MasterCard-i AmIslamic Bank Al-Taslif MasterCard-i

     

     
    4.5.4
    How and where do customers make payment for their Al-Taslif Card-i account now?
     
    Customers may continue to make payments via the existing channels, i.e:
    Any existing AmIslamic Bank branches or
    Automated Teller Machine (ATMs) or
    Cash/Cheque Deposit Machines or
    Online Banking or
    Phone Banking.
    4.6.0 Business Banking
    4.6.1
    If a customer currently has two corporate facilities with AmBank; a Conventional Overdraft and an Islamic Trade Facility, what will happen to the customer's accounts and the pledged security for these two facilities?
     
    The customer's Islamic Trade Facility will now be transfered to AmIslamic Bank. However, the Conventional Overdraft and the pledged security for both facilities will still remain at AmBank.
     
    4.6.2
    Will AmIslamic Bank cost of funds/funding rate/discounting rate be pegged to the AmBank Base Lending Rate (BLR)?
     
    No, AmIslamic Bank cost of fund/funding rate/discounting rate will not be pegged to the BLR of AmBank. AmIslamic Bank will have its own rates, which are competitive in the market.
     
    4.6.3 Will there be any changes to customer's monthly instalment?
     
    No, customer's monthly instalment amounts (for fixed rate financing facility) will remain unchanged i.e. it will still be based on respective contracts/ agreements.
     
    4.6.4
    What is a 'Form 40A – Notice of Assignment of Charge' which will be issued to customers subsequent to the formation of AmIslamic Bank?
     
    Under the Companies Act 1965, if a company (chargor) has charged its property to AmBank (M) Berhad as a security for a financing, the Companies Commission of Malaysia (CCM) would have issued a ‘Form 40 – Certificate of Registration of Charge'.

    Due to the set up of AmIslamic Bank Berhad, a charge created under AmBank has to be assigned to AmIslamic Bank. To assign the charge, AmBank is required to lodge a ‘Form 40A – Notice of Assignment of Charge' with the CCM. It is a requirement of the Companies Act 1965 that a copy of the Form 40A be given to the chargor.
     
    4.6.5
    Do customers need to take any action with regards to the Vesting Order letter attached with the copy of Form 40A that they receive from AmIslamic Bank?
      No. Both are sent to customers for their information and records purposes only.
     
    4.6.6
    Does the customer's agreement with the bank need to be changed due to the transfer of the existing Islamic banking facility from AmBank to AmIslamic Bank?
      No, AmIslamic Bank will honour the agreement and the agreement will remain unchanged.
     
    4.6.7
    Will there be separate Business Centres/Hubs for AmIslamic Bank customers to submit their documents for trade finance facilities?
      No. Similar to the shared branches, AmIslamic Bank and AmBank will share the same Business Centres/ Hubs.

     

    5.0 Where do AmIslamic Bank customers call with enquiries?
      Customers may call Contact Centre at 1300 80 8888 (Domestic) or (603) 2178 8888 (Overseas).
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