Conversion of Term Deposit Accounts

Dear Valued Customers, 

We would like to thank you for your continuous support. Please be advised that in accordance with the Islamic Financial Services Act 2013 (“IFSA”), all deposit products which applied the Shariah contracts of Mudarabah (profit sharing) or Wakalah bi al-istithmar (agency for investment) will be classified as investment account products by 30 June 2015. 

In complying with IFSA, all existing term deposit products based on Shariah contract of Mudarabah and Wakalah bi al-istithmar (“Existing Deposit”) will be converted to the new term deposit products based on Shariah contract of Commodity Murabahah (sale of commodity on cost-plus profit).

Regardless of your account’s maturity date, the conversion is scheduled to be carried out in phases from 8 until 19 June 2015 for the following accounts:

 
Existing Deposit and Shariah Contract
(Eligible for protection by PIDM)
New Term Deposit and Shariah Contract
(Eligible for protection by PIDM)
1. General Investment Account-i
(Mudarabah)

 
2. AmAdvance Investment Account-i
(Wakalah bi al-istithmar)
 
 
​►
Term Deposit-i
(Commodity Murabahah)
 
3. Afdhal Investment Account-i
(Mudarabah)
 
Afdhal Term Deposit-i
(Commodity Murabahah)
 
4. Am50Plus Investment Account-i
(Mudarabah)
​►
Am50Plus Term Deposit-i
(Commodity Murabahah)
 
5. AmQuantum Investment Account-i
(Mudarabah)
 
​►
AmQuantum Term Deposit-i
(Commodity Murabahah)
 
6. ValuePlus Investment Account-i
(Mudarabah)

 
Note: Only the deposit portion is eligible for protection by PIDM
 
►​
ValuePlus Term Deposit-i
​(Commodity Murabahah)

 
Note: Only the deposit portion is eligible for protection by PIDM
 

This notice is to obtain your consent for the conversion of the Existing Deposit to the New Term Deposit. If we do not hear from you before 7 June 2015, your Existing Deposit will be converted as per the dates above. By continuing to keep your deposit with us after the conversion, such continuation shall constitute your consent and agreement 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 on the following links:

Direct Mailer
ENG & BM ​

Specific Terms and Conditions ​for Commodity Murabahah-based Term Deposit 
ENG | BM​

Frequently Asked Questions
ENG ​BM ​

If you have further enquiries about the exercise, kindly visit your nearest branch or call our Contact Centre at 03-2178 8888. 

Thank you for banking with us, Your Bank. Malaysia's Bank. AmBank Islamic.​​​