*Eligible for protection by PIDM
MFCA-i is based on Shariah contract of Qard (Loan). Qard refers to a contract of lending money by a lender to a borrower where the borrower is bound to repay an equivalent amount to the lender. Ownership of the money belonging to the lender is transferred to the borrower and the borrower is obliged to repay the lender in full. Customer as lender lend his money to Maybank Islamic as borrower.
As you are aware, Bank Negara Malaysia (‘BNM') recently issued a Supplementary Notice on Foreign Exchange Administration Rules to introduce new measures to promote the development of Malaysian Financial Market. Under these new measures (which have taken effect from 5 December 2016), a resident exporter is allowed to retain up to 25% of foreign currency exports proceeds, and is required to convert the balance into Ringgit (‘MYR') with a licensed onshore bank.
To facilitate the above, and in compliance with BNM's directive, with effect from 12 December 2016:
- your Master Foreign Currency Account-i (MFCA-i), which are opened with us to receive foreign currency proceeds from non-export activities, will now be re-classified as MFCA-i 1 ("Investment MFCA-i"), and your MFCA-i which are opened with us to receive foreign currency export proceeds, will now be re-classified as MFCA-i 2 (‘Trade MFCA-i'). There is no change to your account number(s) and this exercise will be carried out at no costs to you. The current fees and charges shall remain;
- up to 25% of the foreign currency export proceeds shall be retained in the Trade MFCA-i; and
- the balance, unless otherwise instructed on the same day of receipt of the foreign currency export proceeds, shall be converted into MYR (at such rate as is applicable at the time), and shall be credited into a Special Deposit Facility-i Account (‘SDF-i Account') that we will open for you, based on the existing mandate of your MFCA-i.
With effect from 1 January 2018, no new SDF-i Account will be opened with the Bank.
Thus, all the converted Ringgit export proceeds will be credited into your current account or Daily Fund-i account maintained with us.
Notwithstanding the above, the requirement by Bank Negara Malaysia for all resident exporters to convert a minimum of 75% of their total export proceeds into Ringgit Malaysia still remains.
The operations of the SDF/SDF-i Account shall be in compliance with the regulations imposed by BNM from time to time, and shall be governed by the Terms and Conditions Governing Banking Accounts for Islamic Banking.
- Based on the contract of Qard (Loan)**
- Available in more than 10 major currencies: Australian Dollar, Canadian Dollar, Euro Dollar, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Sterling Pound, Swiss Francs, Singapore Dollar, and US Dollar
- An alternative form of investment/savings in the currency of your choice, particularly for your child's education overseas, travel, etc
- Economical: enjoy reduced costs on fund transfers and losses during currency conversions
- Stable: minimise the risk of currency fluctuations
** Effective 7 October 2017
- Monday to Friday from 10:00am to 6:00pm
- Not available on Saturday, Sunday and Public Holiday
- Real time transaction
Transaction transfer limit
- Minimum of RM0.01 and maximum of RM50K per transaction
Who can apply
- Individuals and non-individuals, depending on the type of FCA applied for
- Export proceeds – for resident exporters and Approved International Procurement Centre (AIPC)
- Other receivables – for resident individuals and corporations (with or without domestic borrowings) and non-resident individuals and corporations
- Education and employment abroad – for resident individuals
For Personal/Joint accounts
- Original Identity Card (IC) for Malaysians and Passports for foreigners
Please also bring along any of the following secondary supporting documents:-
- Valid Passport (if IC is produced as a Primary document)
- Valid driving licence
- Utility bills (e.g. water/electricity/telephone bills, Quit Rent, Assessment Notice) in the name and address of the customer opening the account
- Letter of employment
- Credit card
Please choose a branch located near your home or place of work.
Fees & charges
Service charge for credit/debit transaction (depending on the currency): USD$4 or its equivalent
View all banking fees
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