Conversion of Current Account-i/ Savings Account-i (CASA-i) to Commodity Murabahah-based Current Account-i/ Savings Account-i (CM CASA-i)

Dear Valued Customers,
We wish to inform that the Shariah Contract applied to your existing Current Account-i and/or Savings Account-i (“CASA-i”) will be revised from Wadi’ah Yad Dhamanah (Guaranteed Safekeeping) to Commodity Murabahah (Tawarruq) with effect from 18 September 2017.

What is Commodity Murabahah (Tawarruq)?

It refers to two sale and purchase contracts i.e.: 
       1. Sale of asset to a purchaser on a deferred basis.
       2. Sale of the asset to a third party on a cash basis.
Under the arrangement, you shall appoint us as your agent for the sale and purchase transaction of the asset.

 

Below are the products which are included in the conversion:

​​
No. Products Deposit Type
1 Basic Savings Account-i ​Savings
2 Savers’ G.A.N.G Account-i ​Savings
3 Basic Current Account-i ​Current
4 Current Account-i ​Current
​5 ​Everyday Account-i (Family First Solution-i) ​Current
​6 ​Special Savings Account-i (Family First Solution-i) ​Savings

Note: Eligible for protection by Malaysia Deposit Insurance Corporation (“PIDM”)

 In summary, the conversion exercise is as follows:

​​
Existing New
​Product Current Account-i/
Savings Account-i (CASA-i)
Commodity Murabahah-based Current Account-i/ Savings Account-i (CM CASA-i)
​Shariah contract Wadi’ah Yad Dhamanah Commodity Murabahah

​All principal accountholders are being notified of the conversion via individual letter.

For details of the conversion exercise, please click on the following links:

Direct Mailer (ENG & BM)
Specific Terms and Conditions for Commodity Murabahah-based Current Account-i/ Savings Account-i (ENG/BM)
Product Disclosure Sheet (Current Account-i)
Product Disclosure Sheet (Savings Account-i)
Conversion of CASA-i to CM CASA-i Frequently Asked Questions (ENG & BM)

Should you have further enquiries, please visit our nearest branch or call our Contact Centre at 03-2178 8888.

Thank you for banking with us.