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Conversion of Term Deposit Accounts

Dear valued customer,

We would like to thank you for your continuous support. We wish to inform you that under the new definition highlighted by Islamic Financial Services Act 2013 (“IFSA”), all term deposit products which apply the Shariah contract of Mudharabah and Wakalah bil Istithmar will be classified as investment products.

In complying with IFSA, all existing term deposit products based on Shariah principle of Mudharabah and Wakalah bil Istithmar (“Existing Deposit”) will be converted to the new term deposit products based on Shariah principle of Commodity Murabahah.

The conversion is scheduled to be carried out progressively from 15 August 2014 onwards, upon the renewal of your Existing Deposit.

This notice is to obtain your consent for the conversion of the Existing Deposit. If we do not hear from you before 15 August 2014, your Existing Deposit will be converted upon its renewal. By continuing to keep your deposit with us after the conversion, such continuation shall constitute your consent and agreeable to the Specific Terms and Conditions for Commodity Murabahah-based Term Deposit and it shall automatically be binding on you.

For your easy reference, please click here to view the sample of direct mailer, here for Frequently Asked Questions and here for Specific Terms and Conditions for Commodity Murabahah-based Term Deposit.

If you have further enquiries about this exercise, please feel free to visit your nearest branch or call our Contact Centre at 03-2178 8888.

Thank you for banking with us, Your Bank. Malaysia’s Bank. AmIslamic Bank.