Maybank Islamic Launches New Financial Products and Targets RM2 Billion Deposits 

Maybank Islamic is targeting to achieve RM2 billion in deposits from its launch of two new financial products, within one year. The products are Foreign Currency Mudharabah-i (FCM-i), the first such product in Malaysia, and the Profit Now Account-i (PNA-i).

FCM-i is a short-term Islamic foreign currency term deposit account based on the principle of Mudharabah, which entails the concept of profit sharing between the bank and customers. It serves as a Shariah-compliant alternative to short term foreign currency investments currently available through conventional banking.

Dividends on FCM-i are based on an agreed profit-sharing ratio which is agreed up-front. The actual dividend will then be calculated on this ratio and the amount payable will be known upon maturity of the investment. The minimum deposit for individual customer is equivalent to USD5,000 with tenures ranging from 1 - 12 months. As for Non-individual customers (Business Customers) the minimum deposit is equivalent to USD20,000 with minimum tenures of 1 day for USD, 7 days for Euro, AUD and GBP, 1 month for NZD, HKD, CAD, SGD, CHF and JPY with a maximum tenure of 12 months.

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