Master Foreign Currency Account-i

A Shariah-compliant account opened and maintained in a foreign currency

Effective 10 Dec 2016, all existing Islamic Foreign Currency Account-i (FCA-i) held by Individuals, Small & Medium Enterprise (SME), Business Banking (BB) and Global Banking (GB) customers will be upgraded to the Master Foreign Currency Account-i (MFCA-i)

Master Foreign Currency Account-i (MFCA-i) is an account that supports multiple foreign currency with the same purpose code.
Minimum deposit: USD1,000 or equivalent (for individuals), Any amount (for non-individuals)

*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:

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.


Features


Service Availability


Transaction transfer limit


Who can apply


Required documents

For Personal/Joint accounts

Please also bring along any of the following secondary supporting documents:-

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


Required documents

For Personal/Joint accounts

Please also bring along any of the following secondary supporting documents:-

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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for FAQ

 

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