RHB is one of Malaysia’s fully operational Islamic Shariah compliant banks, offering a vast variety of Islamic retail consumer products. All the banking at RHB is done strictly according to the Islamic principles; hence the bank is fast gaining confidence and popularity in the eyes of Muslims worldwide. One of their Islamic deposit products is Mudarba Savings Account-i.
In Islamic finance and retail banking, Mudarba means a type of partnership where capital or money comes from one party and other services such as entrepreneurship and management is provided by the other. Apart from Musharaka, where every resources or capital is equally shared amongst all the partners, Mudarba calls for much broader and diverse partnering scenarios. Both the parties decide before the contract about the basic structure of profit sharing and other legalities.
Talking about RHB Mudarba Savings Account-i, the basic eligibility and rules are similar to all other Shariah compliant accounts. The customer will be the party who will finance the capital (investor) and bank will be acting as a party who will then re-invest the money to earn profits, hence dividing the profit according to the pre-decided ratio. The detailed criteria for opening an account are as follows:
Individual Account or Joint Account: Individuals aged 18 years and above
Trust Account: Individuals aged 12 years and below
Non-Business Organization Account
Features & Benefits
- Monthly profit (if any) crediting based on a multi-tiered profit rate
- Takaful Personal Accident protection coverage of up to RM100,000
- Standing instruction facility for payment of bills and routine fund transfers
- Debit card facility
- Internet Banking services
- 24-hour Customer Care Centre
- 24-hour Cheque & Cash Deposit Terminal
For more info, please visit: http://www.rhb.com.my/islamic_banking/deposit/msa-i.html